SoFi Revives Crypto Trading: Enhanced Features for Investors in 2023
SoFi Expands Digital Financial Services with New Cryptocurrency Features
Introduction of Crypto Capabilities
SoFi has announced the integration of new cryptocurrency features into its digital financial services, marking a significant step in its offerings. This development was revealed on June 25, with the company indicating that it is just the beginning of a series of upcoming cryptocurrency and blockchain-related services.
Growing Interest in Cryptocurrency
According to SoFi, there is a notable increase in the number of individuals turning to cryptocurrencies for various financial activities, including payments, investments, and money transfers. The company highlighted that nearly 30% of American adults currently own some form of cryptocurrency. This surge in interest is attributed to greater institutional investment and clearer regulatory frameworks, which are expected to drive wider acceptance of digital currencies and potentially initiate a new technological revolution.
A Return to Crypto Trading
SoFi is framing this new venture into cryptocurrency as a revival, especially after having previously transferred its crypto trading operations to Blockchain.com in 2023. The company had received a banking charter from the U.S. Office of the Comptroller of the Currency, which required it to exit the crypto trading market. Now, SoFi is set to allow its members to buy, sell, and hold popular cryptocurrencies like Bitcoin and Ethereum, with future plans to introduce stablecoins.
Future Offerings and Services
In addition to trading capabilities, SoFi plans to roll out various services, including the option for users to borrow against their cryptocurrency holdings, enhanced payment solutions, and new staking features. The company also aims to provide blockchain and digital asset infrastructure services through its technology platform, Galileo.
International Remittances for SoFi Money Members
Alongside the new cryptocurrency features, SoFi will enable eligible SoFi Money users to conduct international remittances. These transactions will be automated within the SoFi app, offering faster processing times and lower fees compared to traditional remittance services, ultimately benefiting users by saving them money and time.
Catering to Generation Z’s Investment Needs
As part of its strategy to attract a younger demographic, SoFi is also providing access to alternative investments and shares in private companies, which have typically been reserved for affluent investors. The company aims to meet the sophisticated investment demands of Generation Z, who expect digital access to the same financial products available to wealthier clients.
Commitment to Financial Education
During a recent discussion, Kelli Keough, SoFi’s executive vice president, emphasized the company’s dedication to making investment opportunities more accessible through low-minimum digital experiences. She also highlighted the importance of financial education to empower users to make informed investment choices. Keough noted that Generation Z desires access to the same financial products as affluent investors and is puzzled by the lack of digital availability.
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