Publicly traded financial services company SoFi on Tuesday announced the launch of SoFi Crypto, which allows users to trade Bitcoin, Ethereum, Solana, and other crypto assets alongside the company’s other banking services.
The launch marks the company’s first re-entry into cryptocurrencies since it ceased trading in cryptocurrencies in 2023. Virtual currency services will be provided after “careful consideration”.
“Today is a pivotal moment where banking and cryptocurrency meet in one app on a trusted platform, driven by our core mission of helping our members get their money right,” SoFi CEO Anthony Noto said in a statement.
“We believe blockchain technology will fundamentally change the way finance is done around the world by making the movement of money faster, cheaper and more secure,” he added, “opening up new ways for people to borrow better, invest better, spend and save better.”
Noto Telegraphed SoFi’s encryption plans The company officially announced this in its January financial results announcement. Intention to support virtual currency trading in June. At the time, it was also hinted at offering crypto staking and borrowing capabilities, but these were not mentioned in Tuesday’s disclosure.
Currently, users will be able to trade up to 30 crypto assets through SoFi’s federally registered platform. The company’s announcement highlights that users can purchase cryptocurrencies with funds in their FDIC-insured SoFi checking and savings accounts without opening a separate account.
“Data shows that 60% of SoFi members who own cryptocurrencies would rather buy, sell, and hold their cryptocurrencies at accredited banks than at major crypto exchanges,” the company wrote. “This is a clear sign of the trust consumers have in regulated institutions and SoFi’s unique position to meet this demand head-on.”
Since the beginning of this year, federally chartered banks have been able to store crypto assets and perform services on behalf of their customers with the Office of the Comptroller of the Currency. issued an interpretive letter giving them permission To do so. Since then, Coinbase and circle They are applying to obtain a national banking license.
Access to SoFi Crypto is currently being rolled out in stages, with a waiting list available for those interested.
SoFi (SOFI) shares rose nearly 1% to $30.80 on Tuesday, but are up 100% year-to-date.
A SoFi representative did not immediately respond. decryption Request for comments.
