Crypto-focused financial service company, SoFi, brings forth an ambitious plan for the digital currency realm, highlighting their intention to launch a stablecoin.
In a significant move for the cryptocurrency industry, SoFi, Robinhood, and eToro have announced ambitious expansion plans for their crypto services.
During an earnings call on Tuesday, SoFi CEO Anthony Noto unveiled an aggressive cryptocurrency expansion plan, highlighting Bitcoin and Ethereum trading as the initial offerings. Noto emphasized SoFi's competitive advantage in stablecoins due to the company's existing banking license, allowing faster market entry than competitors awaiting regulatory approval under the GENIUS Act.
The company's crypto relaunch comes after a 2023 service suspension due to regulatory constraints. Noto described cryptocurrency as a potential "game changer" for SoFi. In addition, SoFi is significantly expanding its crypto workforce ahead of relaunching spot trading by year-end.
Meanwhile, Robinhood has been making strides in the crypto space. The platform recently launched crypto staking services for US customers, starting with Ethereum and Solana. Robinhood also unveiled plans for tokenized stocks and its own Layer 2 blockchain in June 2025. However, the company will introduce a 25% commission on staking rewards beginning October 2025.
Robinhood's European expansion is also in full swing. The platform launched crypto services in Spain in December 2024, following the implementation of MiCA regulations. Both Robinhood and eToro have been expanding their European presence in response to these regulatory changes.
eToro, on the other hand, announced plans to tokenize US-listed stocks as ERC20 tokens on Ethereum. This move expands 24/5 trading capabilities to 100 popular securities. The plan includes staking services, crypto-backed borrowing, and a proprietary stablecoin, although the CEO did not discuss specific plans for these services.
The race to dominate the crypto market is heating up, with these companies aiming to offer advanced features similar to those offered by established competitors. With regulatory hurdles being addressed and ambitious expansion plans in place, it's an exciting time for the cryptocurrency industry.
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