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crypto.news 2025-04-29 15:08:06

‘We’re going to reenter crypto’: SoFi CEO says blockchain will touch all products

‘We’re going to reenter crypto’: SoFi CEO says blockchain will touch all products

SoFi CEO Anthony Noto said the company is preparing to re-enter the crypto market and integrate blockchain technology across all major business lines, as regulatory conditions continue to improve. The comments came during an interview with CNBC , where Noto outlined a strategy to make crypto and blockchain core components of the company’s future offerings. “We want to enter cryptocurrency and blockchain activities in a much broader and more significant way,” Noto said. He emphasized that while expansion depends on the evolving regulatory environment, SoFi is preparing for a broad crypto rollout over the next six to 24 months. “We want to be able to offer blockchain products and crypto products across every area that we’re currently in, so across lending, across paying, across investing, as well as protecting,” Noto said. The first step in that plan involves relaunching SoFi’s ability to buy, sell, and hold cryptocurrencies within its “Invest” product. That offering was paused due to regulatory uncertainty, but Noto said the company expects to restart it within the next six months. SoFi’s broader vision includes using blockchain infrastructure to improve speed and reduce costs in areas like payments and lending. Noto also hinted at the potential to offer blockchain-based infrastructure services to third parties via SoFi’s technology platform. You might also like: Miden raises $25m to launch ‘Edge Blockchain’ for private, scalable apps Crypto-backed lending On the lending side, Noto discussed the possibility of offering crypto-backed loans. “If we custody the cryptocurrency, we can provide a secure loan against that currency, again, a lower cost of lending for our members, just like margin loans are,” he said, comparing it to traditional margin loans already offered within SoFi’s invest business. While SoFi continues to scale its traditional loan origination and fee-based lending platform, the company appears to be setting the foundation for crypto to serve as both a new asset class and a technology layer. Noto called blockchain “a technology more than anything else,” underscoring its potential to power financial services behind the scenes. SoFi’s crypto ambitions come as the company reports strong financial performance to start 2025, with revenue up 33% year-over-year and EBITDA up 46%. The fintech firm added 800,000 new members in the quarter, bringing total membership growth to 34% year-over-year. Engagement in the SoFi Invest platform also hit record highs. You might also like: SEI price targets $0.40 as anticipation builds for staked SEI ETF

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