US-based fintech platform Sofi (Sofi) Said Wednesday that it will introduce international transfers through blockchain and stablecoins and allow users to invest in cryptocurrencies this year, doing well on the promised digital asset push.
The upcoming transfer service will allow users to send us dollars and select stableecoins for recipients abroad with “well-known” blockchain networks processing the transactions, making it possible to send funds around the clock, converted to local currencies and deposited quickly to the recipient’s accounts, according to the press release.
The company says this will be significantly cheaper and faster than traditional methods such as wire transfers or bank -based transfers.
The company will also relaunch Crypto Trading services, let users buy, sell and keep large cryptocurrencies like Bitcoin
and Ethereums ether later this year.
Future services may include efforts, loans against crypto holdings and delivering blockchain tech infrastructure to third parties through Sofi’s Galileo platform, the company said.
The movements come when CEO Anthony Noto shared plans earlier this year to join the Crypto business after the company suspended digital asset-related services in 2023 to obtain banking licenses according to the previous administration’s harsher regulatory environment towards crypto. The change is supported by recent guidance from the Comptroller of the Currency’s Office, which allows national chartered banks to offer crypto-detention and stablecoin-related services.
“The future of financial services is completely reinvented through innovations in crypto, digital assets and blockchain more broadly,” Noto said in a statement. “We are speeding up our efforts to give members more choices and more control, whether they invest, send money across borders or plan their future.”
Read more: Sofi is planning bigger push in crypto in the middle of new regulatory environment
