SoFi Technologies (NASDAQ: SOFI) became the first nationally chartered bank in the United States to launch encryption services for retail customers.
The company’s new SoFi Crypto platform allows members to buy, sell, and hold Bitcoin (BTC) directly within their bank accounts. The rollout begins Tuesday and will gradually expand access to all of SoFi’s 12.6 million customers by the end of 2025.
CEO Anthony Noto said: “Today is a pivotal moment where banking and cryptocurrencies meet in one app.” “It is important that we provide our members with a safe and regulated way to step into their financial future.”
Customers can also purchase Ethereum and Solana, with more cryptocurrencies expected to be rolled out in the future.
Regulatory green light for SoFi
The launch follows a dramatic shift in U.S. banking policy. After years of regulatory hesitation under the Biden administration, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) clarified earlier this year that nationally chartered banks can provide storage, trading, and payment services for cryptocurrencies.
“We’ve always wanted to be a one-stop shop for all your financial services needs, and one of the holes we’ve had over the last two years has been in cryptocurrencies,” Noto said on CNBC this morning. “The ability to buy, sell, and hold virtual currency is not and should not be allowed as a bank.”
The changes, part of a broader wave of deregulation under President Trump, triggered a new phase of institutional adoption.
The OCC’s interpretation letter in May gave banks the legal clarity they need to handle virtual currencies directly without going through third-party intermediaries.
“SoFi went from not being able to offer crypto products as a bank to having the highest license a company can have to offer crypto products,” Noto said. Reuters.
Trustworthiness of cryptocurrencies at the “bank level”
Unlike fintech platforms and exchanges, SoFi operates under a full national banking charter. That means its crypto services are subject to the same oversight and capital requirements as checking account, savings, and loan products.
This difference can be important. According to the bank, 60% of its members who already own cryptocurrencies prefer to trade through licensed banks rather than traditional exchanges.
Funds used to purchase cryptocurrencies flow directly from FDIC-insured SoFi checking and savings accounts, with deposits eligible for up to $2 million in coverage. “When your cash is not working, it’s not sitting on an exchange, it’s sitting in an insured account that earns interest,” Noto said.
SoFi’s Blockchain and Cryptocurrency Roadmap
The bank’s ambitions go beyond just buying and selling cryptocurrencies. SoFi is developing a stablecoin pegged to the US dollar and considering lending and payments products that integrate cryptocurrencies as part of what it calls a “complete blockchain strategy” to modernize financial infrastructure.
SoFi’s move could accelerate the normalization of cryptocurrencies within the US banking system, as major financial institutions such as Charles Schwab and PNC are reportedly preparing similar developments.