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Investing.com -- SoFi Technologies Inc. (NASDAQ:SOFI) stock is up over 2% after doubling down on its digital financial services strategy with the rollout of new crypto-enabled capabilities, aimed at enhancing member access to global money movement and digital asset investing. The initiative marks a pivotal step as the fintech company positions itself at the intersection of traditional finance and blockchain-driven innovation.
Later this year, SoFi plans to debut two key offerings: self-serve international money transfers and crypto investing for individual members. The crypto-fueled remittance service will allow instant cross-border transactions, while SoFi’s return to digital asset trading will reintroduce tokens like Bitcoin and Ethereum to its marketplace.
The move comes amid rising demand for blockchain-powered finance, with nearly 30% of U.S. adults now owning crypto, according to industry estimates. Expanded institutional participation and regulatory clarification are expected to spur further adoption, potentially setting the stage for a sustained digital asset super cycle.
“The future of financial services is being completely reinvented through innovations in crypto, digital assets, and blockchain more broadly,” said Anthony Noto, CEO of SoFi. “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 remittance product is aimed squarely at the $93 billion outflow of U.S.-based remittances recorded by the World Bank in 2023. Members will be able to initiate cross-border transfers via the SoFi app, using blockchain rails for real-time settlement and upfront fee transparency—features often lacking in conventional services.
The crypto investing platform is set to offer not only major digital currencies, but also broader features including staking, stablecoin access, and crypto-collateralized lending. In addition, Galileo, SoFi’s tech platform, will expand crypto-related infrastructure services to outside companies, bolstering SoFi’s ecosystem reach.
Regulatory positioning is also in SoFi’s favor, following new guidance in interpretive letters 1183 and 1184 from the Office of the Comptroller of the Currency. The national bank charter held by SoFi Bank, N.A. permits custody and execution of crypto, stablecoin reserve holdings, and select blockchain-based payments, further entrenching 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. SoFi’s latest expansion reinforces its ambition to become a single digital hub for modern personal finance, and investors have responded accordingly, sending the stock up over 2% in Wednesday’s early trade.