SoFi CEO: Wants to offer more crypto products

SoFi CEO: Wants to offer more crypto products

SoFi CEO Anthony Noto has announced that the company is preparing to re-enter the cryptocurrency market and integrate blockchain technology across all major business lines. This strategic shift comes as regulatory conditions continue to improve, with Noto emphasizing the company's intention to make crypto and blockchain core components of its future offerings [1].

The first step in SoFi's plan involves relaunching its ability to buy, sell, and hold cryptocurrencies within its "Invest" product, which was paused due to regulatory uncertainty. Noto expects this offering to restart within the next six months [1]. SoFi's broader vision includes using blockchain infrastructure to improve speed and reduce costs in areas like payments and lending. The company is also exploring the possibility of offering crypto-backed loans, using digital currencies as collateral to provide secure, lower-cost loans [1].

SoFi's crypto ambitions come as the company reports strong financial performance to start 2025, with revenue up 33% year-over-year and EBITDA up 46% [1]. The fintech firm added 800,000 new members in the quarter, bringing total membership growth to 34% year-over-year. Engagement in the SoFi Invest platform also hit record highs [1].

Noto hinted at the potential to offer blockchain-based infrastructure services to third parties via SoFi's technology platform, indicating a broader vision for the company's role in the financial ecosystem [1]. This strategic move is part of a larger trend of innovation in finance, urging adaptation to the evolving digital landscape.

References:
[1] https://crypto.news/were-going-to-reenter-crypto-sofi-ceo-says-blockchain-will-touch-all-products/