SoFi: No Direct Exposure to FTX, FTT, Alameda Research or Genesis

SoFi (NYSE:SOFI) is the latest Fintech – crypto-related firm to give the all-clear sign regarding the crypto contagion created by Sam Bankman-Fried and the bankruptcy of FTX.

In a series of Tweets, SoFi stated:

“We have no direct exposure to FTX, FTT token, Alameda Research, or Genesis.”

The company added:

“SoFi takes our regulatory and compliance commitments seriously, including our non-bank operations within the digital assets space. We believe we have been fully compliant with the mandates of our bank license and all applicable laws … Additionally, we maintain consistent, constructive dialogue with each of our regulators. Cryptocurrency remains a non-material component of our business. We look forward to sharing the requested information with the Senators in a timely fashion.”

SoFi shared that the total value of digital assets held by their customers stood at $132 million. SoFi explained they do not engage in any crypto financing activity beyond allowing customers to buy, hold and sell crypto.

SoFi filed an 8-K referencing the status of its crypto activity – while mentioning the letter sent by several Democrat members of the Senate Banking Committee demanding information on digital asset trading on the platform.

Meanwhile, shares in SoFi are trolling its 52-week low, closing today at $4.87, far off its all-time high of over $25 per share. SoFi started its existence as an online lender targeting student loan refinancing and has since morphed into a super app and digital bank providing all types of banking and investing services, including crypto trading.

 

 

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