Sofi News

BitGo will support the rollout of US dollar-pegged stablecoin SoFiUSD, as US fintechs and banks expand digital dollar infrastructure following new federal legislation.

SoFi will enable Mastercard issuers to settle card transactions in its cash-backed SoFiUSD stablecoin across the global payments network.

The fintech bank reported record quarterly revenue of $1 billion as it reintroduced crypto trading, launched a stablecoin and rolled out blockchain-based remittances.

Issued by SoFi Bank, the dollar-backed token is designed for payments and settlement across banks, fintechs and enterprise platforms.

Institutions across the globe are adopting cryptocurrency, offering new services and buying into blockchain tech, despite slumping Bitcoin price.

SoFi CEO Anthony Noto says the bank also plans to introduce a stablecoin called SoFi USD and views blockchain and crypto as a “super cycle technology.”

SoFi reenters the crypto space with onchain remittances and digital asset trading following the ease of regulations in the US.

Cathie Wood’s ARK has been actively accumulating shares of SoFi, which announced plans to terminate crypto services by the end of 2023.

The San Francisco-based fintech company now supports Binance.US, Gemini, Robinhood and SoFi accounts.

Bitcoin billionaire Palihapitiya will use earnings from the sale to fund other “future-shaping technologies” for his venture firm.

Figure Technologies brings its valuation to $3.2 billion with a new round of funding.

The new bank will be subject to heightened scrutiny from the OCC for at least three years.

Financial firm SoFi announced they had signed an agreement to purchase Galileo Financial Technologies for $1.2 billion.

California-based financial firm SoFi has acquired a BitLicense from the New York State Department of Financial Services.

Following a partnership with Coinbase in February 2019, SoFi is introducing zero-fee crypto trading on its SoFi Invest platform.