Sofi has plans to bring the encryption services for its customers back after suspending those operations in 2023 so as not to prevent their effort to become a regulated bank.
“We are going to enter the cryptography business again, which we had to leave,” said Sofi’s CEO, Anthony Noto, in an interview with CNBC. “We will enter the business again to allow our members to invest in cryptocurrencies. We want to make a larger and more integral impulse in cryptocurrencies, to really include cryptographic capabilities or blockchain in each product area we have.”
The technology company had offered customers access to more than 20 tokens in 2023, but decided to stop their services, since it was in the process of receiving a bank letter in the United States during a time when the scrutiny on the digital asset industry was decidedly hostile under the Biden administration.
Noto said that thanks to the new orientation of the currency comptroller, which was published in March and promised a reduced load for the banks involved in the sector, the technology company could begin to offer cryptographic investments by the end of this year.
Sofi will also seek to use blockchain technology in all its main products in the next 24 months, he said, and the company could also offer cryptographic payments, as well as loans against cryptography assets.
“Our aspirations are as wide as they are for any other product we have, and we believe that we can take advantage of technology through loans and savings and expenses and invest and protect,” Nice said.
