SOFI has plans to revive crypto services for its clients after halting these businesses in 2023 to avoid hampering their efforts to become a regulated bank.
“We’re back into the crypto business that we had to leave,” Sofi CEO Anthony Noto said in an interview with CNBC. “We’re re-entering our business of allowing our members to invest in cryptocurrency. We really hope to include a bigger, more comprehensive drive and providing crypto or blockchain capabilities in each product area we have.”
The tech company had provided clients with access to more than 20 tokens in 2023, but decided to halt services in the process of receiving the banking charter in the US at a time when it was clearly unfriendly under the Biden administration, which was overseeing the digital asset industry.
Noto has pledged to reduce the burden on banks engaged in the sector thanks to new guidance from the currency secretary released in March, saying tech companies can begin offering crypto investments by the end of this year.
Sofi also aims to use blockchain technology in all its major products for the next 24 months, and said the company could provide crypto payments as well as lending to crypto assets.
“We believe our aspirations are as broad as any other product we have, and we can leverage technology through lending and savings, spending and protection,” Noto said.