Sofi To Offer Members New Crypto-enabled Capabilities To Get Their Money Right

SoFi is expanding its one-stop shop for digital financial services with new crypto-powered capabilities that will enable members to borrow, save, spend, invest, and protect their money in entirely new ways. SoFi are building a future where people can seamlessly send money around the world and have the tools and education to safely use crypto and digital assets to get their money right.  

More people are turning to crypto than ever before to pay, invest, and transfer money faster, safer, and for a fraction of the cost of traditional methods. Today, it is estimated that nearly 3 in 10 American adults own crypto assets. Growing demand, fueled by expanded institutional investment and emerging regulatory clarity, is expected to drive more mainstream adoption of crypto and likely the start of another technology super cycle. 

To help more people benefit from these shifts, SoFi is announcing the first of many planned crypto and blockchain innovations across their products and services: self-serve international money transfers, also known as global remittances, and crypto investing, each expected to launch later this year.

“The future of financial services is being completely reinvented through innovations in crypto, digital assets, and blockchain more broadly,” said Anthony Noto, CEO of SoFi. “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. Crypto and blockchain innovations can and will be threaded through each of our businesses and capabilities, including buying, paying, saving, investing, borrowing, and protecting. And in doing so, we will continue to stand alone in offering our members unmatched products and services as the only digital one-stop shop for their financial needs.”

Helping members send money across borders, faster and cheaper than ever

More than $93 billion in remittances were sent abroad from the United States in 2023, according to the World Bank, underscoring the potential demand for international money transfers. Later this year, eligible SoFi Money members will be able to seamlessly and securely transfer money to people in dozens of countries, whether it’s for supporting family abroad, making purchases outside the U.S., or managing their money across borders. These transfers will be fully automated in the SoFi app, at significantly faster speeds and lower costs compared to the multi-day waiting periods many experience today with traditional services, putting more money in people’s pockets, faster. 

Members will be able to initiate a transfer in the SoFi app by entering the recipient’s contact details and amount to send in U.S. dollars. Funds will be automatically transmitted on secure, well-known blockchain networks, converted into local currency at the destination, and rapidly deposited into the recipient’s account, with full transparency on exchange rates and fees upfront, all available 24/7 in the SoFi app. Starting today, members can sign up to join a waitlist to receive access to SoFi self-serve international money transfers when they are available later this year.

International money transfers will be the latest expansion of SoFi’s unprecedented money movement offering, making it the only financial services company that will allow members to seamlessly send money via each of the following methods:

• Zelle® 

• Person-to-person payment with only a phone number or email

• Self-service wires

• ACH

• Self-serve international money transfers, once available

• SoFi-offered stablecoins, once available

Crypto investing makes its comeback to SoFi

Marking their return to crypto investing, SoFi members later this year will be able to buy, sell, and hold a selection of crypto currencies like Bitcoin and Ethereum. Over time, SoFi intends to offer stablecoins and a wide range of other services, such as providing members the ability to borrow against their crypto assets, expanding payment options, and introducing new staking features, as well as blockchain and digital asset infrastructure capabilities for other companies offered by Galileo, SoFi’s technology platform. Members can sign up to join a waitlist to receive access to crypto investing once it is available.

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