SoFi Pioneers In-App Cryptocurrency Trading as First US Chartered Bank to Offer Service
In a landmark move for the financial technology sector, SoFi, the leading US fintech bank, has officially launched “SoFi Crypto.” This groundbreaking service positions SoFi as the first nationally chartered bank in the United States to empower users with in-app cryptocurrency trading capabilities, marking a significant step towards mainstream adoption of digital assets within a regulated banking framework.
The company has confirmed that “SoFi Crypto” will roll out in phases, with retail customers gaining the ability to seamlessly buy, sell, and hold dozens of popular cryptocurrencies directly within the SoFi App in the coming weeks. Initial offerings will include major digital currencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), providing accessible entry points for a broad spectrum of investors.
This expansion underscores SoFi’s unwavering commitment to its “one-stop financial platform” strategy. By integrating digital assets alongside its established offerings in savings, lending, investing, and insurance, SoFi is evolving into a comprehensive financial ecosystem designed to meet the diverse needs of its members. This strategic move solidifies SoFi’s vision of simplifying and centralizing personal finance management.
The re-entry into the cryptocurrency market follows a temporary suspension of services in 2023, a period during which SoFi was actively pursuing its national bank charter amidst an increasingly stringent US regulatory landscape for digital assets. CEO Anthony Noto had previously signaled the company’s intent to return to crypto, a promise now delivered, reflecting confidence in navigating the evolving regulatory environment.
A key differentiator for SoFi in the burgeoning crypto space is its status as a nationally chartered bank. Unlike many fintech firms or brokerage platforms, SoFi operates under rigorous compliance requirements and stringent regulatory oversight. This institutional backing provides a crucial layer of trust and security, a factor SoFi highlights as a core advantage of “SoFi Crypto.” Internal research supports this, revealing that approximately 60% of users express a stronger preference for entrusting their crypto assets to a licensed bank rather than a standalone cryptocurrency exchange.
Looking ahead, SoFi is actively developing a USD stablecoin and has ambitious plans to further integrate cryptocurrencies into its broader suite of financial products, including lending and payment solutions. These initiatives signal SoFi’s long-term vision for digital assets to play an integral role in the future of banking.
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