Sofi has announced that it will return the cryptocurrency trading to its program.
The bank will also use Blockchain to facilitate cross -border money transfer.
These features could help attract new customers to the growing ecosystem.
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After almost two years of cryptocurrency, banking and financial program breaks Sofi(Nasdaq: Sofi) She recently announced that she would return to the cryptocurrency market and even in a greater way than before.
Sofi posted two specific messages. First, she reported the return on the return trade in her program, the service she offered by 2023. The end of the end. Second, the bank announced that he would use cryptocurrency and blockchain technology capabilities to facilitate the rapid international money transfer. And perhaps most importantly, Sofi called it the first of the many planned cryptocurrency and blockchain innovations in all [their] Products and services. “Both of these newly announced opportunities are expected to be started later in 2025.
When it comes to cross -border money transfers, the goal is to create a smoother and cheaper experience than it currently exists on the market. When the cryptocurrency trade returns, Sofi’s goal is to gradually expand the platform, including the Stablecoins proposal, allow members to borrow from cryptocurrencies and present construction functions.
Image Source: Getty Images.
The goal is to provide Sofi program more financial services opportunities than any other program. But will Crypto and its related opportunities become the main income engine that will move the shares?
To find out, Sofi used cryptocurrency trading in its program, but was closed a few years ago, mainly due to possible regulatory problems related to certified banks providing cryptocurrency services to customers. That is why you usually haven’t seen any major banks to release your cryptocurrency trading platforms.
Specifically, Sofi became a bank in 2022. January, and as part of the approval process, it was forced to refrain from any activities related to cryptocurrency, without specific currency controller service (OCC).
However, Sofi says that the explanation by OCC makes it practical to banks on the national scale “to provide cryptocurrency care and execution services on behalf of customer, hold dollars deposits that support reserves under certain circumstances, facilitating payment operations and more.”
On the one hand, it is important to emphasize that as early as 2023, when she closed the cryptocurrency trade, Sofi specifically stated that it was not a material part of her business. On the other hand, it is right to say that interest in cryptocurrency trading has increased again after Sofi 2023 At the end of the 19th century, he closed his original cryptocurrency platform.
It is unclear how Sofi’s cryptocurrency trading prices will be structured, but it is likely to earn a percentage percentage of operation fee or purchase and sale prices for each digital property.
Of course, I do not see that cryptocurrency trade would become one of the company’s largest income flows at any time. However, adding this feature to its ecosystem, the Sofi platform may be more attractive to potential customers interested in cryptocurrency, which can also become bank customers, loan customers and so on.
Bigger news is probably the opportunity to send money directly to the Sofi program directly automatically and cheaply through Sofi. Although it is technically a cryptocurrency function, it will probably appeal to a wider group than just cryptocurrency fans, as transactions will be initiated by US dollars. And that would be a unique feature between financial programs. With more than $ 90 billion US $ international transfers sent annually from the US, a better way can be a big draw.
Sofi Customer Base is growing quickly; In the first quarter alone, it added more than 800,000 members, which is of all time to the highest company. If adding cryptocurrency trade and related services, this growth can maintain or even speed up this growth, which can be a big victory for investors.
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