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SoFi, a publicly traded financial services firm, unveiled the launch of SoFi Crypto, allowing users to trade Bitcoin, Ethereum, Solana, and other crypto assets alongside its other banking services. This marks the firm's reentry into crypto for the first time since 2023, when it ended its crypto services after “careful consideration.”
“Today marks a pivotal moment when banking meets crypto in one app, on a trusted platform, and driven by our core mission to help our members get their money right,” said SoFi CEO Anthony Noto.
“I believe blockchain technology will fundamentally change every way finance is done throughout the world by making money movement faster, cheaper, and safer,” he added, “while opening new ways for people to borrow better, invest better, spend and save better.”
Noto had previously hinted at SoFi’s crypto plans in a January earnings call, and the firm announced its intentions in June to support crypto trading. At that time, it also suggested potential crypto staking and borrowing features, though there was no mention of them during Tuesday’s rollout.
For now, users will be able to trade up to 30 crypto assets via SoFi’s federally registered platform. The firm highlighted that users could buy crypto with funds in their FDIC-insured SoFi checking or savings accounts without opening a separate account.
“Data shows 60% of SoFi members who own crypto would prefer to buy, sell, and hold their crypto with a licensed bank over their primary crypto exchange—a clear signal of the confidence consumers place in regulated institutions and SoFi's unique position to meet this demand head-on,” the firm stated.
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Federally chartered banks have been authorized to custody crypto and execute services on their customers' behalf since earlier this year, when the Office of the Comptroller of the Currency issued an interpretive letter permitting them to do so. Since then, crypto firms like Coinbase and Circle have been applying to earn their national bank charters.
Access to SoFi Crypto is being rolled out in phases, with a waitlist available for interested parties.
Shares of SoFi (SOFI) are up nearly 1% on Tuesday to $30.80, having gained 100% year-to-date.
A representative for SoFi did not immediately respond to a request for comment.
This article has been published in decrypt.co via Yahoo News.
SoFi Rolls Out Crypto Trading With Bitcoin, Ethereum, Solana and More
Financial services firm SoFi is rolling out access to crypto trading, allowing users to buy and sell Bitcoin, Ethereum, and other assets.
finance.yahoo.com
