SOFI - SoFi Is Closing Its Crypto Business: Should Investors Like You Be Worried?
2023-12-08 05:19:00 ET
Late last week, SoFi Technologies (NASDAQ: SOFI) announced it's shutting down its crypto trading business. Shares of the banking and fintech company briefly plunged nearly 9% in response, but have since recouped those losses.
Most SoFi crypto clients will have until Dec. 19 to either liquidate or transfer their crypto portfolios to another exchange. For those who opt for the latter, SoFi has teamed with the Blockchain.com crypto exchange to streamline the process.
SoFi was previously known for its genesis as a student loan refinancing company. But it has steadily expanded its financial products in recent years to become a one-stop shop for consumers' every financial need -- from checking, savings, and brokerage accounts, to credit cards, loans, insurance, and even travel. SoFi CEO Anthony Noto even set a longer-term goal of becoming one of the top 10 largest financial institutions in the United States.
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SoFi Is Closing Its Crypto Business: Should Investors Like You Be Worried?