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SoFi Announces Crypto Return
Financial services heavyweight SoFi has announced its return to the crypto scene after a two-year hiatus. The company had halted its crypto offerings in November 2023 without giving a concrete reason for the move, and gave its crypto users the option to either liquidate their holdings or migrate them to Blockchain.com, a leading crypto exchange.
SoFi plans to resume offering crypto services sometime this year, with offerings ranging from crypto trading to crypto loans. The company has revamped its platform to offer a “seamless” crypto experience that is “manageable with the rest of [users] finances.” This new development comes as other traditional financial services firms continue exploring the crypto world.
SoFi CEO Anthony Noto emphasized that “crypto and blockchain innovations can and will be threaded through” the firm’s businesses. He further stated that the future of financial services lies in crypto, blockchain, and digital assets.
It is worth noting that SoFi has asked those interested in being the first to try out the new platform to join a waitlist. However, it is important to note that crypto holdings will not be protected by the Securities Investor Protection Corporation (SIPC) or the Federal Deposit Insurance Corporation (FDIC) insurance.
SoFi’s return to the crypto scene comes as other conventional financial firms like PayPal and Mastercard are exploring the use of cryptocurrency. PayPal has launched its own stablecoin, PYUSD, in an effort to ease the movement of funds across borders, while Mastercard has been actively involved in developing blockchain-based technologies.
The company’s decision is likely to boost crypto adoption among conventional fiat holders, further solidifying the growing popularity of cryptocurrencies.
Source: fullycrypto.com
