SoFi steps into crypto, becomes first bank to bridge TradFi and DeFi

SoFi Technologies has officially unveiled its consumer crypto trading services, with the digital financial services provider hitting the milestone of becoming the first nationally chartered bank to offer in-app crypto trading to its customers.
Summary

• SoFi has launched crypto trading for customers, with support for Bitcoin, Solana and Ethereum among others cryptocurrencies.
• The move sees the lender become the first nationally chartered bank to launch crypto trading for consumers.
• Initiatives in the pipeline include stablecoin and crypto lending.

In an announcement on Nov. 11, the bank said it had launched SoFi Crypto, a platform that now allows consumers to access not only banking services but also to trade crypto.

Customers can now buy, sell and hold cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) among others.

According to the details, the crypto solution is built to cater to both first-time investors and experienced crypto enthusiasts seeking bank-grade stability and security.

Milestone for SoFi

The bank’s crypto service goes live only a few months after reports emerged that SoFi planned a reentry into the digital asset trading space.

“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 Anthony Noto, chief executive officer of SoFi.

According to Noto, blockchain technology is on the cusp of fundamentally changing global finance in “every way.”

The embrace of cryptocurrencies has already seen money movement become faster, cheaper and safer. Blockchain has also opened new ways in which people can borrow, invest, spend and save, and the bank eyes growth alongside these gains.

“It’s critical to give our members a secure and regulated way to step into the future of money. As the first and only nationally chartered bank to launch crypto trading to consumers, we are uniquely positioned to drive this innovation and set a new standard built on security, stability, and transparency,” he noted.

SoFi Crypto launches with a phased rollout, with the bank’s plans being to expand support to more members in the coming weeks.

Meanwhile, SoFi is eyeing a broader integration of crypto and blockchain innovation across its business, including crypto-enabled remittances. In August, the bank outlined plans to tap into Bitcoin Lightning for cross-border payments.

Other initiatives the bank targets include a U.S. dollar stablecoin and crypto lending.