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Stock impact report

SoFi Taps Bitcoin And Stablecoin Push To Expand FinTech Platform [Yahoo! Finance]

SoFi Technologies, Inc. (SOFI) 
Company Research Source: Yahoo! Finance
SoFi Technologies (NasdaqGS:SOFI) has partnered with Lightspark to roll out fast, low cost cross border Bitcoin payments using the Lightning network, starting with transfers to Mexico. The company is launching SoFi USD, a new stablecoin issued by its national bank subsidiary on a public blockchain. These product launches arrive as SoFi reports its first quarter with more than $1b in revenue and record member growth. At a share price of $22.81, SoFi sits in a very different place than during its early SPAC days. The stock shows a 44.6% one year return and a 205.8% three year return, even as it is down 16.9% year to date. That mix of longer term gains and recent pullback gives current news around product expansion more weight for investors evaluating where NasdaqGS:SOFI fits in their FinTech exposure. The push into Lightning based payments and a SoFi branded stablecoin suggests that management is placing greater emphasis on blockchain based services as part of the broader digit Show less Read more
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