Financial technology giant SoFi Technologies, the largest U.S. online lending platform, has announced its renewed push into the cryptocurrency sector. The company will not only reopen spot trading for Bitcoin, Ethereum, and other cryptocurrencies but also launch a blockchain-based international money transfer service.
SoFi's Crypto Journey: From Pause to Relaunch
After suspending cryptocurrency trading services in 2023 to transition into a regulated bank, SoFi is making a strategic comeback. This decision follows recent interpretive letters from the U.S. Office of the Comptroller of the Currency (OCC) in March and May 2025, which clarified that nationally chartered banks can offer:
- Cryptocurrency custody services
- Trade execution
- Stablecoin reserve management
Key Features of SoFi's Relaunched Crypto Services
According to Wednesday's announcement, SoFi will reintroduce:
Basic Trading Functions (Late 2025):
- Buy/sell/hold capabilities for BTC, ETH, and other major cryptocurrencies
Future Expansion Plans:
- Stablecoin trading options
- Crypto-collateralized lending
- Enhanced payment solutions
- New staking features
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Blockchain-Powered International Transfers
Concurrently, SoFi unveiled its groundbreaking cross-border transfer service leveraging blockchain technology:
How It Works:
- SoFi Money users access the feature via mobile app
- Input recipient details and USD amount
- Funds automatically convert and settle in local currency
- Transparent fees and real exchange rates displayed upfront
Service Advantages:
- Supports dozens of countries/regions
- Eliminates traditional banking delays
- Dramatically reduces transfer fees
- Secure processing through established blockchain networks
The service is slated for launch later in 2025, potentially disrupting the $700B global remittance market.
Why This Matters for Crypto Adoption
SoFi's move signals:
- Growing institutional confidence in blockchain infrastructure
- Mainstream financial services integrating crypto capabilities
- Regulatory clarity enabling innovation
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FAQ: Understanding SoFi's Crypto Services
Q: When can existing users access crypto trading?
A: The phased rollout begins late 2025—watch for app notifications.
Q: Will SoFi charge custody fees for held cryptocurrencies?
A: Fee structures haven't been announced, but the company emphasizes competitive pricing.
Q: Which cryptocurrencies will be available initially?
A: BTC and ETH confirmed; additional assets to follow based on demand and regulatory compliance.
Q: How does blockchain transfer compare to traditional wire transfers?
A: Expect 80-90% cost reductions and settlement times measured in minutes rather than days.
Q: Is there minimum balance requirements for these services?
A: Specific account requirements will be published before launch.
Market Implications and Future Outlook
Industry analysts highlight three key impacts:
- Validation Effect: Regulated banks entering crypto boosts sector legitimacy
- Competitive Pressure: Forces traditional banks to accelerate digital asset strategies
- User Benefits: Combines crypto flexibility with banking reliability
With 3.5 million members, SoFi's platform could expose millions to cryptocurrency functionality within familiar banking interfaces—a significant milestone for mass adoption.
Disclaimer: This content provides market information only. All materials and opinions serve as reference, not constituting investment advice. Investors should make independent decisions—the author assumes no responsibility for direct/indirect trading losses.