In brief
- Publicly traded financial services company SoFi debuted crypto trading, allowing users to buy and sell Bitcoin, Ethereum, and more.
- SoFi users can buy crypto assets using funds from their checking or savings accounts.
- The firm previously offered crypto trading, but discontinued it in 2023.
Publicly traded financial services firm SoFi unveiled the launch of SoFi Crypto on Tuesday, allowing users to trade Bitcoin, Ethereum, Solana, and other crypto assets alongside the firm’s other banking services.
The launch 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 in a statement.
“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 telegraphed SoFi’s crypto plans in a January earnings call, and the firm formally announced its intentions in June to support crypto trading. At that time, it also hinted at offering crypto staking and borrowing features, though Tuesday’s rollout makes no mention of them.
For now, users will be able to trade as many as 30 crypto assets via SoFi’s federally registered platform. Highlighted in the firm’s announcement is the ability for users to buy crypto with funds sitting in their FDIC-insured SoFi checking or savings accounts, without needing to open 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 wrote.
Federally chartered banks have been able 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 allowing them to do so. Since that time, crypto firms like Coinbase and Circle have been applying to earn their national bank charters.
Access to SoFi Crypto is currently being rolled out in phases, with a waitlist available to interested parties.
Shares of SoFi (SOFI) are up nearly 1% on Tuesday to $30.80, but have gained 100% year-to-date.
A representative for SoFi did not immediately respond to Decrypt’s request for comment.
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Source: https://decrypt.co/348184/sofi-rolls-out-crypto-trading-bitcoin-ethereum-solana
