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SoFi CEO cautions businesses might be ‘left behind’ over failure to embrace crypto

Anthony Noto, the CEO of online finance company SoFi, has warned that companies need to jump on the cryptocurrency bandwagon amid the accelerated growth in the space.

Speaking to CNBC, Noto stated that companies risk being ‘left behind’ if they fail to integrate cryptocurrencies into their system. According to the executive, incorporating cryptocurrencies will potentially determine the competitiveness of businesses in coming years. 

“If you don’t innovate, and you don’t use cryptocurrency as a technology platform, you’ll get left behind. Your business will be smaller. You’ll be less competitive. You will have less innovation and less of a value proposition for consumers,” said Noto. 

However, Noto cautioned that despite cryptocurrencies standing as an ‘incredible technology,’ the volatility aspect should be a significant concern. He believes that cryptocurrencies are currently an unproven technology that needs caution.  

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