SoFi Technologies, Inc. (SOFI) is planning to re-enter the cryptocurrency investment market by the end of 2025, marking a significant shift in its business strategy. The decision comes as the company cites a major change in the regulatory environment under the Trump administration.
Background
SoFi was forced to discontinue its crypto investment services in late 2023 as a condition for obtaining a bank charter amid heightened federal scrutiny of digital assets. At that time, customers who had access to over 20 cryptocurrencies were either redirected to Blockchain.com or required to liquidate their holdings.
Future Plans
SoFi CEO Anthony Noto revealed in a CNBC interview that the company plans a more comprehensive approach this time around. The goal is to embed crypto and blockchain capabilities across all of its product lines, including lending, savings, spending, investing, and protection. “We’re going to re-enter the crypto business, which we had to exit,” Noto said. “We’ll re-enter the business of allowing our members to invest in cryptocurrency. We want to actually make a bigger, more comprehensive push into cryptocurrency [this time], to include really providing crypto or blockchain capabilities in each product area that we have.”
Regulatory Shift
The decision to re-enter the crypto market follows new guidance from the Office of the Comptroller of the Currency (OCC). OCC-regulated banks may now engage in cryptocurrency activities without prior approval. Noto described this move as a “fundamental shift” in the regulatory landscape.
Implementation Details
SoFi plans to integrate crypto or blockchain technology into all major product areas over the next six to 24 months. Noto indicated that there is a possibility of accelerating this timeline through strategic acquisitions. The CEO added that SoFi’s future offerings may include crypto-backed loans and payment options that allow customers to use digital assets directly.
Conclusion
SoFi’s planned re-entry into the cryptocurrency market represents a significant development in the financial services sector. The company’s comprehensive approach to integrating blockchain technology across its product lines could potentially reshape its business model and offerings in the near future.
