In other crypto-related news, SoFi, the fintech bank, is preparing to re-enter the cryptocurrency trading business. This shift is particularly noteworthy, given that they had recently retreated after facing regulatory headwinds. In an exclusive interview with CNBC, SoFi CEO Anthony Noto disclosed the company’s aggressive direction. During his most recent earnings call, he announced that SoFi will soon be making a big push back into the crypto business.
SoFi’s recent decision to exit the crypto market was largely informed by this major regulatory shift. Though unsettling, Noto explained that this shift happened during the Trump administration. The company announced on Tuesday that it would end its foray into cryptocurrency investments. As part of this shift, customers are no longer able to purchase more than 20 different crypto coins. In the interim, SoFi either sent its customers to Blockchain.com or sold their assets.
Noto says that the new acting head of the Office of the Comptroller of the Currency has provided clarifying guidance. This guidance has spurred on SoFi’s renewed crusade in cryptocurrency. He sounds encouraged about making crypto investing available again on their platform. Unless things go wildly off track, customers should be able to look forward to these services by the end of the year.
“We’re going to re-enter the crypto business, which we had to exit,” – Anthony Noto
Noto emphasized SoFi’s deep commitment to incorporating cryptocurrency into its product offerings. During the next six to 24 months, they’ll look to bring this technology into all of their flagship products. This strategic move is a window into SoFi’s greater ambitions for all of its products—lending, saving, spending, investing and protecting.
“Our aspirations are as broad as they are for any other product that we have, and we believe we can leverage the technology across lending and savings and spending and investing and protecting,” – Anthony Noto
The return to cryptocurrency investing highlights SoFi’s determination to adapt to changing regulations and market dynamics. As a fintech bank, SoFi aims to provide its customers with innovative financial solutions and opportunities in an evolving digital landscape.