Simply put
- Financial services firm SoFi has introduced a crypto trading feature, enabling users to trade Bitcoin, Ethereum, and more.
- Users can buy crypto by using funds from their checking or savings accounts.
- This announcement comes after the company halted cryptocurrency trading in 2023.
SoFi has launched SoFi Crypto, allowing users to engage in trading cryptocurrencies like Bitcoin, Ethereum, and Solana, all within the company’s banking services.
This marks a return to the crypto market for SoFi, which had suspended such trading in 2023. The new virtual currency services are being introduced after what the company describes as “careful consideration.”
SoFi’s CEO, Anthony Noto, shared that this development is significant, merging banking and cryptocurrency into a single app. He emphasized that their mission centers on helping members manage their finances better.
Noto also expressed confidence in blockchain technology’s potential to transform global finance, making transactions faster, cheaper, and more secure. He believes it will create better opportunities for borrowing, investing, and managing money.
Earlier this year, SoFi had hinted at plans for cryptocurrency support during their financial results announcement, with mentions of potential crypto staking and borrowing options, though these weren’t part of the recent update.
The platform now offers trading for up to 30 different cryptocurrencies, letting users purchase them using funds from FDIC-insured accounts without needing a separate one.
According to SoFi, about 60% of their cryptocurrency-owning members prefer to buy, sell, and hold their assets with accredited banks rather than on major crypto exchanges. This seems to highlight a significant trust in regulated institutions, suggesting that SoFi is well-positioned to meet this demand.
Since January, federally chartered banks have gained permission to store crypto assets and offer services on behalf of their clients. This was made possible by an interpretive letter from the Office of the Comptroller of the Currency, and prominent companies like Coinbase and Circle are in pursuit of national banking licenses.
The rollout of SoFi Crypto is currently in phases, with a waiting list available for interested users.
On Tuesday, SoFi shares increased nearly 1% to $30.80, marking a 100% rise since the beginning of the year.
A representative from SoFi has not yet provided comments on this announcement.
