Publicly traded financial services company SoFi on Tuesday unveiled the launch of SoFi Crypto, allowing users to make transactions. Bitcoin, Ethereum, Solanaand other crypto assets alongside the company’s other banking services.
This launch marks the company’s re-entry into crypto for the first time since 2023, when it ceased operations. crypto services after “careful review”.
“Today marks a pivotal moment where banking meets crypto in one app, on a trusted platform, and driven by our core mission of helping our members get their money back right,” Anthony Noto, CEO of SoFi, said in a statement.
“I believe blockchain technology will fundamentally change EVERY way finance is done around the world by making the movement of money faster, cheaper and more secure,” he added, “while opening up new ways for people to borrow better, invest better, spend better and save better.”
No telegraphed SoFi’s crypto plans during an earnings call in January, and the company officially announced its intentions in June to support crypto trading. At that time, it also hinted that it would offer cryptocurrency staking and borrowing features, although Tuesday’s rollout made no mention of this.
For now, users will be able to trade up to 30 crypto assets through SoFi’s federally registered platform. The company’s announcement highlights the ability for users to purchase cryptocurrencies with funds stored in their FDIC-insured SoFi checking or savings accounts, without needing to open a separate account.
“Data shows that 60% of SoFi members who own cryptocurrencies would prefer to buy, sell and hold their cryptocurrencies at an approved bank rather than on their primary cryptocurrency exchange – a clear signal of the trust consumers place in regulated institutions and SoFi’s unique position to meet this demand head-on,” the company wrote.
Bitcoin miner CleanSpark extends stock slide after increasing its note offering to $1.15 billion
Federally chartered banks have been able to hold crypto and perform services on behalf of their customers since earlier this year, when the Office of the Comptroller of the Currency issued an interpretative letter allowing them to do it. Since then, crypto companies like Coinbase and Circle applied to obtain their national bank charter.
Access to SoFi Crypto is currently being rolled out in stages, with a waitlist available to interested parties.
Shares of SoFi (SOFI) rose nearly 1% on Tuesday to $30.80, but have gained 100% year to date.
A representative for SoFi did not immediately respond to Decrypt request for comment.
