Digital financial services platform SofiBank plans to launch its own crypto trading service, currently launching a phased rollout with more users to be included over the coming days, as per an official press release.
SoFi Bank was recognized in 2022 as a national bank by the OCC and the Federal Reserve, as per an earlier announcement by the company. The national bank charter granted by federal institutions was secured through an acquisition by parent organization SoFi Technologies of Golden Pacific Bancorp Inc.
Customers of the digital bank will soon be able to buy, sell, and hold blue-chip cryptocurrencies such as Bitcoin, Ethereum, Solana, and other digital assets.
Called SoFi crypto, the new update is an attempt to capture the growing slice of the cryptocurrency market; a sector that banks and financial institutions such as J.P. Morgan, Goldman Sachs, and Citigroup are all considering via different services or integrations—in some cases not offering the option to buy and sell crypto but instead opting for crypto custody services or stablecoin settlements with fiat currency involved.
“I believe blockchain technology will fundamentally change EVERY 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,” said SoFi CEO Anthony Soto.
“It’s critical to give our members a secure and regulated way to step into the future of money. As the first and only nationally chartered bank to launch crypto trading to consumers, we are uniquely positioned to drive this innovation and set a new standard built on security, stability, and transparency,”
Created in 2011, SoFi Technologies is considered the largest U.S. bank. It initially offered student loans and expanded its offerings later on to personal loans, mortgages, auto loans, and other financial products.
Source: Google Finance
Shares of SoFi Technologies closed at $30.54 on Monday.