SoFi has become the first nationally chartered consumer bank in the US to launch in-app cryptocurrency trading, adding bitcoin, ethereum and solana access 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 along with checking, savings, loans and investing.
The crypto feature is rolling out in phases and will be available to all users in the coming weeks, according to the company.
The move follows a shift in SoFi’s strategy after the company stopped digital asset services in 2023 while it sought a banking license. At the time, crypto faced tighter 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 making good on that promise.
Unlike fintechs or brokerages, SoFi operates with a full national banking charter, which brings stricter compliance requirements. This difference may matter to customers: the company says 60% of its users would rather store crypto with a licensed bank than a crypto-native exchange.
SoFi is also developing a US dollar stablecoin and has plans to integrate crypto further into lending and payment products.
