SoFi Technologies has launched crypto trading for its clients. It is the first nationally chartered U.S. bank to do so, following the relaxation of OCC regulations.
American bank SoFi Technologies has launched crypto trading services for its clients. This decision comes as clearer rules have led to the crypto market attracting more interest from traditional finance. It will provide many cryptocurrencies, including popular ones such as Bitcoin and Ether. Service started slowly on Monday. More customers will be able to use it within a few weeks.
SoFi Crypto Allows Users to Trade Bitcoin, Ethereum, and Solana
SoFi CEO Anthony Noto discussed SoFi Tuesday on CNBC’s Squawk Box. He mentioned that his bank is the first and only nationally licensed bank to offer cryptocurrency trading to normal people. The move came after the Office of the Comptroller of the Currency (OCC) changed its rules in March. The OCC has made it easier for banks to work with crypto.
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Noto has explained their problems in the past. “Over the past two years, we have not been able to supply cryptocurrencies.” We couldn’t allow people to buy, sell or hold cryptocurrencies. He said that as a bank it could not take this action. Furthermore, this was not allowed.
Now with SoFi Crypto, members can buy, sell and store many cryptocurrencies. These include Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The platform is aimed at both new and experienced crypto users. Additionally, the service is gradually expanding its availability. Other members will have access to it in the coming weeks.
Anthony Noto considers this a great moment. He said: “Today is a key moment. Banking and crypto come together in one app. It’s on a trusted platform. The goal is to help our members manage their money well. He believes blockchain technology will change finance around the world. It will make transferring money faster, cheaper and more secure.
It will also pave the way for new ways of borrowing, investing, spending and saving. He stressed that members must have a secure way to access future money. Furthermore, he emphasized that security is essential for all members venturing into digital finance. As the first bank to do so, SoFi wants to be the leader in innovation.
SoFi allows users to trade cryptocurrencies securely and confidently
Members can trade cryptocurrencies with confidence. The platform is developed with a high level of security like that used by banks. It complies with strict safety and solidity rules. National banking regulators ensure this. Additionally, all operations remain transparent and open.
SoFi members can buy crypto instantly. They can use money from their SoFi Money checking and savings accounts. These accounts are FDIC insured. They don’t need to transfer money to a new account. Users can purchase cryptos whenever they are ready. Additionally, when they are not trading, their cash earns interest directly into their bank account. All their finances are in one app. Members can easily manage crypto and their daily banking, loans, and investments.
Many people haven’t bought crypto because they don’t understand it. SoFi Crypto makes it easy for you to get started. It has learning tools in the app. There is easy-to-follow help and easy money transfers. SoFi wants its members to make smart crypto decisions.
They help members understand how crypto fits into their financial lives and risk level. It is important to know that crypto assets are not bank deposits. They are not covered by the FDIC or SIPC. No bank guarantees them. Their value can increase or decrease, including to zero.
This movement by SoFi is a big step. This brings conventional banking and digital currency closer together. By providing a safe and easy-to-use platform, SoFi wants more people to use crypto. This could encourage other banks to do the same. This would lead to cryptocurrencies being better accepted in the mainstream financial system.
