SoFi Technologies Inc. (NASDAQ: SOFI) Set to End Crypto Services

SoFi set to end crypto services, taps Blockchain.com as “strategic crypto partner”

US consumer fintech SoFi has announced it is ending its crypto services on 19 December, with users being given the option to either close their crypto accounts or migrate them to Blockchain.com.

All remaining accounts that have not instigated a migration before 19 December (or 28 January 2024 for residents of New York) are set to be closed.

From 29 November, SoFi has stopped accommodating the creation of new cryptocurrency accounts on its digital finance platform, which also offers lending, credit card, mortgage and wealth management services.


The company has not given the exact reason behind its decision to exit the market.

For Blockchain.com, which offers wallet, trading and payment services for cryptocurrency, the addition of SoFi’s accounts signals “a pivotal moment” in its growth trajectory, according to CEO and co-founder Peter Smith.

Independent director Joseph Otting says the migration will “open new doors and opportunities for SoFi members”, who will be able to utilise the full range of its self-custody and trading solutions.

Price Momentum
SOFI is trading in the middle of its 52-week range and above its 200-day simple moving average.

What does this mean?
Investors are still evaluating the share price, but the stock still appears to have some upward momentum. This is a positive sign for the stock's future value.