SoFi Becomes First U.S. Bank to Relaunch Crypto Trading

SoFi has officially relaunched cryptocurrency trading for select customers, marking a major step forward in its long-term digital asset strategy. The rollout fulfills a commitment made earlier this year by CEO Anthony Noto, who said shifting U.S. regulations created the right moment to reintroduce crypto access to retail users. According to the company, SoFi is now the first nationally chartered bank to offer such services.

The digital bank originally introduced crypto trading in 2019 but paused the feature in late 2023 as part of its effort to secure a national banking charter. Now, the company says all 12.6 million SoFi customers will regain access to buying, selling and holding digital assets through the SoFi app by the end of the year.

“Today marks a pivotal moment when banking meets crypto in a single, trusted app,” Noto said in a prepared statement. He emphasized his belief that blockchain technology will fundamentally reshape global finance by enabling faster, cheaper and safer money movement while unlocking new opportunities to borrow, invest, spend and save. Delivering a secure, regulated way to participate in this evolution, he added, is essential for SoFi’s mission.

A recent internal survey found that 60% of SoFi customers who hold crypto prefer to trade within a licensed bank rather than on a primary crypto exchange—despite the fact that digital assets are not insured by the FDIC.

The relaunch of SoFi Crypto represents just the first phase of the company’s broader plan to integrate blockchain technology across its platform. SoFi already uses distributed ledger technology for international remittances and is exploring additional innovations, including issuing its own stablecoin—a move aligned with similar initiatives at JPMorgan Chase and Société Générale. The bank also aims to weave crypto into its lending and infrastructure services in the future.

The regulatory environment has shifted dramatically since January, when President Donald Trump took office after promising to make the U.S. the “crypto capital of the world.” In the months since, the OCC, FDIC and Federal Reserve have each clarified that banks are permitted to engage in digital asset activities—reversing earlier guidance that discouraged involvement.

With regulators now signaling support and consumer interest growing, more traditional financial institutions are preparing to enter the crypto market. Morgan Stanley plans to offer crypto trading on its E*Trade platform early next year, while PNC is set to expand its crypto capabilities through a partnership with Coinbase.

Source: BankingDive