SAN FRANCISCO–SoFi has launched SoFi Crypto, saying it has become the first and only nationally chartered bank “where consumers can bank, borrow, invest — and now buy, sell and hold crypto – all in one place and on a platform they trust.”
According to company, SoFi Crypto members will be able to buy, sell, and hold dozens of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), on a platform built for both first-time and experienced crypto investors and users. SoFi said the solution will become available to more members over the coming weeks.
‘Pivotal Moment’
“Today marks a pivotal moment when banking meets crypto in one app, on a trusted platform, and driven by our core mission to help our members get their money right,” Sofi CEO Anthony Noto said in a statement. “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. 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.”
Importance of Education Stressed
SoFi Crypto said it offers an integrated app along with extensive education.
“One reason many people haven’t bought crypto yet is that they feel that they don’t understand it well enough,” the company said. “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.”
The company said data shows 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 — “a clear signal of the confidence consumers place in regulated institutions and SoFi’s unique position to meet this demand head-on.”
