SoFi has become the first nationally chartered consumer bank in the US to launch in-app cryptocurrency trading, adding access to bitcoin, ethereum and solana to its growing suite of financial services.
The company announced the launch of SoFi Crypto on Tuesday, marking a significant expansion of its all-in-one financial platform. Customers will now be able to buy, sell and hold dozens of cryptocurrencies in addition to checking, savings, loans and investments.
The crypto feature is being rolled out in phases and will be available to all users in the coming weeks, according to the company.
The move follows a shift in SoFi’s strategy after the company suspended digital asset services in 2023 while it sought a banking license. At the time, cryptocurrencies were facing stricter regulatory scrutiny under the Biden administration. Earlier this year, CEO Anthony Noto said SoFi was planning to re-enter the crypto space, and this launch marks the company making good on that promise.
Unlike fintechs or brokerages, SoFi operates with a full national banking charter, which comes with stricter compliance requirements. That difference could be important to customers: the company says that 60% of its users would prefer to store cryptocurrencies at a licensed bank rather than on a native crypto exchange.
SoFi is also developing a US dollar stablecoin and plans to further integrate cryptocurrencies into lending and payment products.
