In this article: U. S. -based fintech platform SoFi (SOFI) announced on Wednesday that it will launch international remittances via blockchain and stablecoins, as well as enable users to invest in cryptocurrencies within this year, fulfilling its earlier digital asset initiatives. The forthcoming remittance service will allow users to send U. S. dollars and select stablecoins to recipients overseas through "well-known" blockchain networks that will process the transactions. This system permits 24/7 fund transfers, quick conversion into local currencies, and rapid deposits into recipients' accounts, according to the company’s press release. SoFi claims this approach will be considerably cheaper and faster compared to traditional methods such as wire transfers or bank-based remittances. Additionally, the company plans to relaunch its crypto trading services, enabling users to buy, sell, and hold major cryptocurrencies like Bitcoin (BTC) and Ethereum’s Ether (ETH) later this year. Potential future offerings might include staking, borrowing against crypto assets, and providing blockchain technology infrastructure to third parties through SoFi’s Galileo platform, the firm stated. These developments follow CEO Anthony Noto’s indications earlier this year about re-entering the crypto space after the company halted its digital asset-related services in 2023.

This suspension was made to secure a banking license amid the previous administration’s stricter regulatory stance on crypto. The latest shift is supported by recent guidance from the Office of the Comptroller of the Currency, permitting nationally chartered banks to offer crypto custody and stablecoin-related services. “The future of financial services is being completely reinvented through innovations in crypto, digital assets, and blockchain more broadly, ” Noto said in a statement. “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. ” Read more: SoFi Plans Major Push Into Crypto Amid New Regulatory Environment Recommended Stories