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

SoFi Ends Crypto Services:
- SoFi announces the termination of its crypto services on 19 December.
- Users can either close their crypto accounts or migrate them to Blockchain.com.
Account Closure Deadline:
- All remaining accounts not migrated by 19 December (or 28 January 2024 for New York residents) will be closed.
New Account Creation Halt:
- Since 29 November, SoFi has ceased the creation of new cryptocurrency accounts on its digital finance platform.
Reasons for Exit Undisclosed:
- SoFi has not provided specific reasons for its decision to exit the cryptocurrency market.
Migration to Blockchain.com:
- Migrating to Blockchain.com is the alternative for SoFi users, offering wallet, trading, and payment services.
Blockchain.com’s Perspective:
- Blockchain.com CEO sees the addition of SoFi’s accounts as a “pivotal moment” in its growth trajectory.
New Opportunities for SoFi Members:
- Independent director Joseph Otting believes the migration will “open new doors and opportunities” for SoFi members, allowing access to a full range of self-custody and trading solutions.