SoFi described the launch as the first step in a broader strategy to integrate blockchain innovation across its ecosystem.
- SoFi Crypto allows members to buy, sell, and hold dozens of cryptocurrencies, including BTC, ETH, and SOL.
- The rollout begins Tuesday in a phased manner, with a waitlist for priority access.
- SoFi previously offered crypto trading via its brokerage app in 2020, which was later discontinued.
SoFi Technologies (SOFI) announced on Tuesday that it will become the first nationally chartered bank in the U.S. to offer crypto services for retail customers.
The bank said its newly launched SoFi Crypto platform will allow members to buy, sell, and hold dozens of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). SoFi described the launch as the first step in a broader strategy to integrate blockchain innovation across its ecosystem.
SOFI’s stock edged 0.8% lower at market open. On Stocktwits, retail sentiment around the company trended in ‘bearish’ territory even as chatter rose to ‘normal’ from ‘low’ levels over the past day.
SoFi Saw Demand For Crypto
SoFi noted that its data showed 60% of members who already own crypto prefer conducting transactions through a licensed bank rather than a primary crypto exchange, which it said highlighted strong consumer demand for regulated services.
The rollout begins Tuesday in a phased approach and will expand to more members in the coming weeks. Members and prospective customers can join a waitlist to receive priority access to SoFi Crypto.
Not The First Time
In 2020, SoFi allowed its customers to buy and sell cryptocurrencies through its brokerage app. However, the service was shut down two years ago, and the company stated that it was reevaluating its cryptocurrency strategy and product offerings.
SoFi may be the first nationally chartered bank to offer crypto trading fully integrated with banking and other financial services – but other U.S. banks are also on the same track. Since the passage of the GENIUS Act earlier this year, major banks such as Citi, JPMorgan, and others have begun expanding their offerings. Citi, for example, is planning to launch crypto custody services by 2026.
SoFi’s launch comes at a time when Bitcoin’s price is trading 17% below its all-time high of more than $126,000 seen in October. The overall cryptocurrency market capitalization has also decreased to $3.6 trillion, down from a peak of over $4.2 trillion.
Read also: NBIS Stock Rises After $3 Billion Meta AI Infrastructure Deal Despite Shaky Q3 Results
For updates and corrections, email newsroom[at]stocktwits[dot]com.<