SoFi to end crypto services by year-end, offers migration option to Blockchain.com

SoFi Technologies ( NASDAQ: SOFI ) on Wednesday said it would discontinue its cryptocurrency services by the end of the year, adding that it was giving its members a migration option for their holdings to crypto platform Blockchain.com. The digital financial services provider's decision comes nearly a month after it posted a quarterly top and bottom line beat and raised its revenue and EBITDA guidance. SoFi ( SOFI ), known for refinancing student loans, has seen its stock gain about 59% YTD. Shares were last up 3.8% to $7.62 in Wednesday morning trade. "SoFi ( SOFI ) will no longer be opening new crypto trading accounts, but all existing members with active crypto accounts can buy and sell crypto as usual," the company said in a blog post . "Crypto members’ can choose to either migrate their accounts and assets to Blockchain.com, or to liquidate their holdings with all transaction fees from selling crypto reimbursed," SOFI added. SOFI said its changes to its crypto model did not impact other offerings such as brokerage accounts and individual retirement accounts. The firm said that its decision to work with Blockchain.com on migration was "due to their long-standing work in the cryptocurrency industry, and particularly their dedication to an intuitive user experience and abundant educational resources." SOFI noted that for members residing in New York State, the company will not migrate accounts to Blockchain.com due to local availability. More on SoFi Technologies SoFi Technologies: Emerging From Unprofitability Holding Steady: Evaluating SoFi Technologies Amidst Financial Shifts And Market Dynamics SoFi: Another Gift Barclays picks OneMain, AmEx, others as Overweight stocks in a Neutral sector SoFi retreats, while F&G Annuities climbs: Week's financials roundup