There’s even a hint at borrowing against crypto and new staking features. That means customers might earn rewards on proof-of-stake assets or tap their holdings for loans without selling.
The fintech blockchain sector is set to jump from $3.5 billion in 2024 to $50 billion by 2030, according to Insider. If SoFi nails the flow and liquidity, it could undercut players like Western Union and MoneyGram.
SoFi exited crypto in November 2023 to comply with bank-charter rules. But under the US President Donald Trump administration, stablecoin bills have gained traction in Congress.
The Federal Reserve’s move to drop “reputational risk” from bank exams also clears a path for crypto-bank ties. Still, SoFi will need to watch both federal and state rules as they evolve.
The company’s Galileo platform won’t just power SoFi’s own products. It will host third-party wallets and custody services, too. By opening its rails to other apps, SoFi hopes to grab fees and embed blockchain tech in more corners of finance. It’s a two-pronged approach: serve its members and support outside developers.
SoFi stock (ticker: SOFI) jumped over 10% over the past week, based on Google Finance data. Investors seem to like the pivot. But the real test will come with execution.
Customers expect smooth apps, low fees, and iron-clad security. Any hiccup—especially in converting crypto back to local fiat—could cause headaches and chatter with regulators abroad.
CEO Anthony Noto said this is only “day one” of what they can build with blockchain, crypto, and AI “to make financial services faster, easier, safer, more accessible, and lower cost for our members.”
If SoFi delivers on those goals, it could become one of the first big banks to bridge traditional finance and digital assets in a meaningful way. Until then, all eyes will be on its waitlist and the first wave of customer feedback.
Featured image from Relo.AI, chart from TradingView
