Fintech firm SoFi has announced plans to restart its crypto trading services after a regulatory pause that lasted nearly a year. The popular financial app will once again let customers buy and sell digital coins like Bitcoin and Ethereum starting next month. This comeback follows careful talks with regulators who had concerns about how crypto companies protect their customers.
SoFi CEO Anthony Noto shared the news during an earnings call Tuesday. “We’ve listened to our members who have been asking when crypto would return,” Noto said. The company’s stock jumped 8% after the announcement, showing investors liked the move.
The company first stopped its crypto trading in May 2023 when regulators started taking a closer look at digital assets. The SEC (Securities and Exchange Commission) had been cracking down on crypto companies that weren’t following proper rules. SoFi decided to pause while figuring out the right way to offer these services.
For crypto fans, this return is a big deal. SoFi brings crypto to everyday people who might not use specialized exchanges. The platform will start with Bitcoin and Ethereum before adding more coins later in the year. “We’re taking a careful approach to which assets we offer,” explained SoFi’s crypto lead Sarah Johnson.
SoFi isn’t alone in facing crypto challenges. Many financial apps have had to rethink how they handle digital money. Banking app Revolut recently got approval to offer crypto in the U.S., while Robinhood has kept its crypto trading going despite the uncertain rules.
What makes SoFi different is its “all-in-one” approach to money. Users can handle banking, investing, and loans in one place. Adding crypto back makes the app more complete for people interested in different types of investments. “Our members want choices,” said Noto. “Crypto is just one piece of a healthy financial portfolio.”
The platform will include new educational content to help people understand crypto risks. Short videos and articles will explain how digital coins work and why prices can change so quickly. The company hopes better education will lead to smarter investing.
Crypto markets have changed since SoFi’s pause last year. Bitcoin reached new highs above $73,000 in March before settling around $62,000 currently. The creation of Bitcoin ETFs in January made it easier for regular investors to get exposure to crypto through traditional investment accounts.
SoFi’s return to crypto comes with updated security measures. The company partnered with Coinbase Custody to store customer assets safely. They’ve also added extra verification steps when users withdraw money. “Security is our top priority,” Johnson emphasized.
Financial experts see SoFi’s move as part of a bigger trend. “Traditional finance and crypto are merging,” said Alex Tapscott from the Blockchain Research Institute. “Companies that figure out how to offer crypto responsibly will have an advantage.”
For SoFi users, the relaunch means they won’t need separate apps for their regular investments and crypto holdings. The convenience might bring new people into crypto who were hesitant to try specialized exchanges like Binance or Kraken.
The timing looks smart as interest in digital assets grows among everyday investors. A recent survey by Pew Research found that nearly 20% of Americans have owned some form of cryptocurrency, up from just 16% in 2021.
SoFi plans to charge competitive fees for crypto trades, though exact numbers haven’t been announced. The company hopes crypto will help attract younger customers who often show more interest in digital assets than traditional investments.
As financial apps continue adding crypto features, regulators are working to create clearer rules. New guidelines expected later this year might help
