SoFi Technologies, Inc. (NASDAQ: SOFI) announced the launch of SoFi Crypto, becoming the nationally chartered bank where consumers can bank, borrow, invest — and now purchase, sell and hold crypto-assets.
With SoFi Crypto, members will be able to buy, sell, and hold cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). SoFi Crypto’s phased rollout starts now and will become available to more members soon.
SoFi Crypto Gives Members:
- A Platform with Security: Members can buy, sell and hold crypto with confidence knowing their assets are on a platform built with institutional-level security, rigorous compliance standards to provide safety and soundness, which is overseen by our nation’s bank regulators, and transparent operations.
- A Single, Integrated App: SoFi Members can instantly buy crypto assets with money sitting in their award-winning SoFi Money Checking or Savings account (FDIC insured) without moving the money to a new account. They can buy crypto the moment they’re ready, and keep their cash earning interest in a bank account when they’re not.
- Education and Accessibility: One reason many people haven’t bought crypto yet is that they feel that they don’t understand it well enough. SoFi Crypto makes it easy to get started with in-app education, simple step-by-step guidance and seamless money movement. SoFi seeks to help members make informed decisions about how crypto fits into their financial lives and risk tolerance. Crypto and other digital assets are not bank deposits, not insured by the FDIC or SIPC, not guaranteed by any bank, and their value can go up or down — sometimes losing all of their value.
SoFi Crypto launches at a time when interest in digital assets is surging. This shift in how people invest their money has created a demand for regulated platforms.
Data indicates 60% of SoFi members who own crypto would prefer to buy, sell and hold their crypto with “a licensed bank over their primary crypto exchange.”
This launch is the start of SoFi’s strategy to weave blockchain tech throughout its ecosystem. SoFi is leveraging blockchain to enable global crypto-powered remittances that make sending money affordable.
SoFi intends to introduce a stablecoin and integrate crypto into its lending and infrastructure services to tap “lower-cost borrowing, faster payments, and embedded financial capabilities.”