Thursday, November 26, 2020

Loan refinancer and BitLicensee SoFi is clear to launch a national bank in the US

Must Read

Experts say institutions drove Bitcoin’s rise to $19K and that alt-season is coming

Analysts are pointing to demand from financial institutions and publicly listed companies as the primary forces behind BTC’s sudden re-test of its all-time highs.“The...

Bitcoin price suddenly drops 11% as whales move BTC to exchanges

Bitcoin (BTC) dropped $1,000 in minutes on Nov. 26 as a long-awaited pullback hit the market at close to $19,500.BTC price hits $17,250 lowsData...

Australian government embraces blockchain with new trial and public servants’ network

The Australian government is trialing the use of blockchain technology for inter-government document exchanges with Singapore as the latest action in a series of...

Biden considering Gary Gensler for Deputy Treasury Secretary

With 55 days until his inauguration as President of the United States, Joe Biden is reportedly considering the former chairman of the Commodity Futures...

In an announcement on Wednesday, the Office of the Comptroller of the Currency (OCC) granted SoFi a conditional license to operate as a national bank in the United States.

The OCC is the office of the U.S. Treasury that regulates federal banks throughout the country. SoFi, which stands for Social Finance, is a fintech startup that has historically provided loans and refinancing services. In 2019, the firm launched crypto trading, and last December, the New York Department of Financial Services granted SoFi a coveted BitLicense. 

This new license will enable the firm to offer a wider range of services. Just today, the firm announced that it was also releasing a credit card with cashbash rewards that paid down personal and student debt

For its part, the OCC makes clear that SoFi Bank must clear certain hurdles for its charter to leave conditional status. Initial capital will be $550 million, of which the OCC requires 30% to be in cash.

The OCC could not be reached for comment as of publication time.