Shares of SoFi Technologies Inc. (NASDAQ:SOFI) climbed over 2% following the company’s announcement of new blockchain-enabled services designed to broaden member access to international money transfers and cryptocurrency investing. This strategic expansion reflects SoFi’s commitment to bridging traditional financial services with emerging blockchain technologies.
Set to launch later this year, SoFi’s upcoming offerings include a self-service platform for global remittances and a renewed crypto investing experience for individual users. The remittance service will leverage blockchain technology to enable instant cross-border money transfers with transparent fees, while the crypto trading feature will bring back popular digital currencies like Bitcoin and Ethereum to SoFi’s marketplace.
Industry trends show growing interest in crypto, with nearly 30% of U.S. adults holding digital assets. Increasing participation from institutional investors, coupled with clearer regulatory frameworks, is expected to fuel further adoption, potentially ushering in a new era of digital asset growth.
Anthony Noto, SoFi’s CEO, emphasized the company’s vision: “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.”
SoFi’s blockchain-powered remittance offering targets the substantial $93 billion annual outflow of remittances from the U.S., according to World Bank data for 2023. Users will be able to send money internationally via the SoFi app, enjoying real-time settlement and upfront fee transparency—benefits often missing from traditional transfer methods.
The updated crypto platform will feature a wide range of services, including major cryptocurrency trading, staking opportunities, access to stablecoins, and crypto-backed lending options. Additionally, SoFi’s Galileo technology platform will broaden its crypto infrastructure services to third-party firms, expanding the company’s reach within the blockchain ecosystem.
Regulatory developments also support SoFi’s approach. Recent guidance from the Office of the Comptroller of the Currency (OCC) allows SoFi Bank, N.A.—which holds a national bank charter—to custody crypto assets, manage stablecoin reserves, and process certain blockchain-based payments, reinforcing SoFi’s hybrid financial model.
“Crypto and blockchain innovations can and will be threaded through each of our businesses and capabilities, including buying, paying, saving, investing, borrowing, and protecting,” Noto added. This expansion highlights SoFi’s goal to become a comprehensive digital platform for personal finance, a move that resonated positively with investors as evidenced by the stock’s rise in early trading on Wednesday.