SoFi Technologies (SOFI) is bringing back cryptocurrency investing as the company embraces a “fundamental shift” in the regulatory landscape under U.S. President Donald Trump.
SoFi, which is an online lender, was forced to wind down its previous crypto investing platform in 2023 as a condition of it receiving a bank charter.
Customers of SoFi that previously had access to more than 20 different cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), had their accounts moved to Blockchain.com or were forced to liquidate their holdings.
But now, SoFi is planning an aggressive push back into crypto investing as the Trump administration loosens the rules and oversight of digital coins and tokens.
SoFi Technologies is the latest bank to announce plans to push further into crypto now that Trump is back in the White House.
In January, Bank of America (BAC) and Morgan Stanley (MS) each said that they are ready to get involved in crypto.
At the same time, crypto firms such as Circle and BitGo are applying for bank charters, blurring the lines between traditional and digital finance.
SoFi has said that it should be able to offer crypto investing to its customers by the end of 2025.
The company is looking to adopt crypto in all its product lines. Future products could include borrowing cash against crypto assets and using crypto in payments.
The stock of SoFi has fallen 7% this year to trade at $13.20 U.S. per share.
