Crypto news

You Won’t Believe What SoFi Is Planning for Its Crypto Resurrection!

BBG News

If there’s one thing you can count on in the financial world, dear reader, it’s that a good comeback is always best served with a side of regulatory whiplash. SoFi, whose name sounds suspiciously like a mid-tier magician, is prepping to prance back into the crypto bazaar by the end of 2025—as announced by none other than CEO Anthony Noto, a man who probably dreams in spreadsheets and ticker symbols.

Recall the dark winter of 2023, when SoFi—the digital colossus with a taste for adventure—was frog-marched out of the crypto tent by a throng of frowning regulators. SoFi’s customers, more bewildered than a Muscovite in Havana, were swiftly nudged over to Blockchain.com, their pockets heavy with more than 20 varieties of digital trinkets. Oh, the drama! Tears were shed (probably), chairs were thrown (possibly), and somewhere a compliance officer shed a single, satisfied tear.

But the wheel of fortune spins again! In a recent CNBC confessional (complete with the requisite air of mystery), Noto practically twirled his mustache and promised, “We’re going to re-enter the crypto business, which we had to exit.” A pause, a flourish—“We want a more comprehensive push: crypto, blockchain, anything that makes the regulators sweat!” Rumor has it the new regulatory tone under the Trump era gave SoFi the courage to peek out from under the compliance blanket.

The OCC (no, not a shadowy chess club, but rather the Office of the Comptroller of the Currency) issued a letter—a real one, on actual paper—saying supervised banks could once again frolic in the fields of digital coinage. This time, however, SoFi would not just dip a toe: they would cannonball into the blockchain pool, smart-contracts flapping.

And SoFi isn’t alone in whispering sweet nothings about crypto to Wall Street’s ear. January saw big-league CEOs—yes, the likes of Bank of America and Morgan Stanley—suggesting they might tango with digital assets. Meanwhile, other outfits—Circle, BitGo, and perhaps even your Uncle Yuri’s startup—are hunting for bank charters and licenses. The banks and blockchain crowd, once supposed arch-enemies, now discuss mergers over cocktails. Ah, capitalism!

While the broader economy clings to uncertainty like Pontius Pilate to plausible deniability, SoFi has decided to sprint in the other direction, reporting brisk revenue growth and visions of grandeur for 2025. The crypto comeback, one suspects, might even come sooner—depending on how quickly SoFi can buy up smaller fish. Or lure them with promises of 24/7 customer support and a shiny debit card. 🐟💰

And there’s talk, dear reader, not just of buying-or-selling. Noto hinted at schemes where you can borrow cash against crypto, perhaps to buy a dacha or merely a new sports car for your hamster. Crypto payments may soon slither into every corner of SoFi’s kingdom—from lending to savings to investing to “protecting,” although protecting what, exactly, remains deliciously vague.

In short: SoFi is back. Crypto is back. Regulations are changing faster than Moscow’s weather, and the line between bankers and blockchain believers is now a blur. Keep your coins close, your passwords closer, and your sense of irony fully charged. 🚀😅

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2025-04-29 16:23

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