SoFi has announced plans to introduce new crypto-enabled features for its members, including a global remittance service and the return of crypto investing, both expected to launch later this year. The company aims to provide members with more options to manage their finances using digital assets and blockchain technology.
Anthony Noto, CEO of SoFi, said, “The future of financial services is being completely reinvented through innovations in crypto, digital assets, and blockchain more broadly. We’re accelerating our efforts to give members more choice and more control, whether they’re investing, sending money across borders, or planning for their future. Crypto and blockchain innovations can and will be threaded through each of our businesses and capabilities, including buying, paying, saving, investing, borrowing, and protecting. And in doing so, we will continue to stand alone in offering our members unmatched products and services as the only digital one-stop shop for their financial needs.”
The new international money transfer feature will allow eligible SoFi Money members to send funds to recipients in multiple countries using blockchain networks. Transfers will be automated within the SoFi app with upfront transparency on exchange rates and fees. This development comes as remittances from the United States reached over $93 billion in 2023 according to World Bank data (https://www.worldbank.org/en/news/press-release/2024/06/11/remittances-to-low-and-middle-income-countries-are-projected-to-reach-656-billion-in-2023), highlighting ongoing demand for faster and less expensive cross-border payments.
Members can join a waitlist for access to these international transfers when they become available. The service expands SoFi’s existing payment options such as Zelle, person-to-person payments via phone or email, self-service wires, ACH transfers, and soon stablecoins.
SoFi also plans to reintroduce crypto investing later this year. Members will be able to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum within the app. Over time the company intends to offer additional features such as stablecoins and the ability for users to borrow against their crypto holdings. These capabilities are supported by Galileo—SoFi’s technology platform—which also serves other fintechs and financial institutions.
Regulatory developments have played a role in enabling these offerings. Recent interpretive letters from the Office of the Comptroller of the Currency now permit nationally chartered banks like SoFI Bank N.A. to provide crypto custody services and engage in certain stablecoin activities under specific circumstances.
SoFi states that it will continue innovating while complying with evolving U.S. regulations regarding digital assets.