Nationally chartered bank SoFi launches crypto trading for consumers

Fintech firm SoFi Technologies, the largest online lender in the United States, launched SoFi Crypto on Tuesday, claiming to become the first and only nationally chartered bank to offer crypto trading to consumers.

The firm is pitching SoFi Crypto as a seamless extension of its existing app, letting members buy digital assets directly from their FDIC-insured checking or savings accounts without transferring funds elsewhere. Users can manage crypto alongside their regular banking, borrowing, and investing, while in-app education and step-by-step guidance aim to make crypto more accessible to first-time buyers, SoFi said in a statement.

It’s important to note that cryptocurrency and other digital assets are not FDIC-insured and are not bank guaranteed. However, the new offering will enable users to buy, sell, and hold “dozens” of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), according to the firm.

SoFi previously offered crypto trading via a partnership with Coinbase in 2019, which was subsequently suspended in 2023. This new launch, initially teased in July, represents SoFi’s first directly integrated crypto offering since obtaining a national bank charter.

“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,” SoFi CEO Anthony Noto said. “I believe blockchain technology will fundamentally change every way finance is done throughout the world by making money movement faster, cheaper and safer, while opening new ways for people to borrow better, invest better, spend and save better.”

SoFi Crypto is rolling out in phases starting Tuesday, with access expanding to more members in the coming weeks.

Consumer preferences

SoFi claims that 60% of its current members who own crypto would prefer to buy, sell, and hold their assets with a licensed bank over their primary crypto exchange, citing its institutional-level security and compliance standards.

The launch is also part of SoFi’s broader push to integrate blockchain technology across its products, including crypto-enabled global remittances and plans for a U.S. dollar stablecoin. Additionally, the company plans to fold crypto into its lending and infrastructure services to enable cheaper borrowing, faster payments, and new financial features.

“Crypto is a key area of focus for our management team and we have brought on board significant expertise, including substantial engineering talent to advance these new initiatives,” Noto told The Block earlier this year.