SoFi Launches Crypto Trading for 30 Assets Including BTC, ETH, and SOL

The SoFi bank became the first national chartered bank to launch crypto trading for its customers. The SoFi, known for its wide range of digital services, has now become the only chartered national bank to offer crypto financial services. The customers can invest, buy, sell, borrow, or hold crypto assets. The digital currencies currently permitted are Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The initial rollout of the service was yesterday, November 11. According to the official press release, the service will be available to more members in the upcoming weeks.

Anthony Noto, the CEO of SoFi, said that the day marked a pivotal moment when banking met crypto in one app, on a trusted platform, and they were driven by their core mission to help their members get their money right.

He further expressed his belief that blockchain technology would fundamentally change the way finance is done throughout the world by making money movement faster, cheaper, and safer, while opening new ways for people to borrow better, invest better, spend, and save better.

As the first and only nationally chartered bank to launch crypto trading to customers, they were uniquely positioned to drive this innovation and set a new standard built on security, stability, and transparency, he added. 

What are the Crypto Services Offered by the SoFi Bank?

The bank is offering a platform built with institutional-level security and rigorous compliance standards for customers to trade in rather unpredictable crypto assets. The users can trade in crypto in SoFi’s integrated app. They can use funds from their SoFi Money Checking or Savings accounts to trade in cryptocurrencies. Additionally, the bank also offers educational resources on its platform beneficial especially for new participants of the crypto market.

SoFi is also planning to launch a USD stablecoin and integrate crypto into its lending and infrastructure services. The bank further announced that customers can join the waitlist early to get priority access to SoFi Crypto. The users will get a chance to earn a Bitcoin by joining before November 30, opening a SoFi crypto account, and completing three qualifying transactions of at least $10 each by January 31, 2026.

The Bottom Line: Why This Move by SoFi is Significant for the Crypto Market

The move by SoFi is significant for the crypto market as it is bringing cryptocurrencies closer to the mainstream financial system. It’s also a testimony to the fact that digital assets are now hard to ignore, even for the mainstream banks. The launch of crypto trading is also bridging traditional finance with Decentralized Finance (DeFi). The diversification to blockchains shows that the leading financial institutions are recognizing the technology backing the digital assets and their long-term potential in the institutional and retail landscape.

As for the crypto market participants, secure infrastructure and regulatory compliance of the institution provide a comparatively safer entry point to crypto trading. It’s not just SoFi, but more leading financial institutions are expanding to the crypto space, blurring the earlier rigid borders between traditional finance and crypto. For instance, JP Morgan is reportedly going to accept Bitcoin and Ethereum as collateral for institutional borrowers by the end of the year.