SoFi has become the first nationally chartered consumer bank in the United States to launch app-based 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 as well as check, save, lend and invest.
The crypto feature is being rolled out in stages and will be available to all users in the coming weeks, according to the company.
The move follows a change in SoFi’s strategy after the company suspended its digital asset services in 2023 while seeking a banking license. At the time, crypto was facing increased regulatory scrutiny under the Biden administration. Earlier this year, CEO Anthony Noto said SoFi planned to re-enter the crypto space, and this rollout marks the company’s fulfillment of that commitment.
Unlike fintechs or brokerages, SoFi operates under a comprehensive national banking charter, which imposes stricter compliance requirements. This difference could be important to customers: the company says 60% of its users prefer to store crypto with a licensed bank rather than a crypto exchange.
SoFi is also developing a US dollar stablecoin and plans to further integrate crypto into lending and payment products.
