SoFi Technologies ( (SOFI) ) has risen by 11.85%. Read on to learn why.
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SoFi Technologies has seen its stock price rise by 11.85% over the past week, driven by its strategic re-entry into the cryptocurrency market. The fintech company announced plans to introduce international remittances using blockchain and stablecoins, allowing users to invest in cryptocurrencies such as Bitcoin and Ethereum. This move is part of SoFi’s broader strategy to expand its digital asset offerings, following new guidance from the Office of the Comptroller of the Currency that permits banks to offer crypto services.
The company’s decision to embrace stablecoins and blockchain technology is expected to enhance its financial services, providing users with more control and choice. SoFi’s remittance service will enable users to send U.S. dollars and stablecoins like USDT and USDC to recipients abroad, facilitating 24/7 digital transactions. This development aligns with SoFi’s vision of reinventing financial services through crypto innovations, which has contributed to the positive momentum in its stock price.
Despite the recent stock surge, analysts remain divided on SoFi’s future prospects. While some analysts have given the stock a Buy rating, others have expressed concerns over its valuation and accounting practices. The stock has a Moderate Buy consensus rating, with an average price target suggesting a potential downside. Nonetheless, SoFi’s diversified growth platform and continued expansion in its customer base and product offerings have kept investor interest alive, making it a stock to watch in the evolving fintech landscape.