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Reuters: SoFi Set to Launch Cryptocurrency Trading This Year
BlockBeats News, October 28th, according to Reuters, SoFi Technologies (SOFI.O) raised its full-year profit outlook above Wall Street expectations on Tuesday after a surge in third-quarter fee income and record performance. The company's stock price rose 3.8% in pre-market trading.
SoFi has grown to become one of the most well-known companies in the U.S. fintech industry, evolving from a student loan refinancing startup to a full-service financial firm offering a range of services from IPO investing to credit cards and savings accounts. With a market value of about $36 billion, this growth aligns with the rise of young consumers who are gradually shifting away from traditional banks to app-based platforms.
SoFi CEO Anthony Noto stated that SoFi is expected to launch crypto trading this year and that "the SoFi Stablecoin will be launched in the first half of 2026." Third-quarter adjusted revenue rose 38% year-over-year to a record $9.5 billion, surpassing the expected $8.866 billion. Adjusted earnings doubled to $0.11 per share in the three months ending September 30, exceeding the expected $0.08 per share.
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