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The neobank says the launch of SoFi Crypto is thanks to updated regulatory guidance from this spring, and is just the start of its broader crypto strategy. <\/p>\n
SoFi Technologies, a publicly traded United States-based neobank best known for student loan refinancing and stock trading, is relaunching crypto trading almost two years after pausing it.<\/p>\n
The new SoFi Crypto service will let users buy, hold, and sell \u201cdozens of cryptocurrencies,\u201d beginning with Bitcoin (BTC<\/a>), Ethereum (ETH<\/a>), and Solana (SOL<\/a>), with access rolling out gradually over the coming weeks, the company said in a Nov. 11 press release<\/a>.<\/p>\n The bank previously offered crypto trading, but paused<\/a> the service in 2023 due to regulatory uncertainty<\/a>, redirecting its crypto customers to UK-headquartered exchange Blockchain.<\/p>\n SoFi CEO Anthony Noto also told CNBC<\/a> yesterday that another reason for the re-launch now was the clear shift from Washington, referencing updated guidance<\/a> from the U.S. Office of the Comptroller of the Currency (OCC) this spring that made it possible for OCC-regulated banks to offer crypto services, including custody on behalf of customers. <\/p>\n As the San Francisco-based neobank explained in its release, the move is also driven by internal data showing that 60% of SoFi members who own crypto \u201cwould prefer to buy, sell and hold their crypto with a licensed bank over their primary crypto exchange.\u201d <\/p>\n As the release claims, the move appears to make SoFi the first U.S. FDIC-insured and nationally chartered bank where regular retail customers have access to traditional banking, borrowing, investing services, alongside buying, selling, and holding cryptocurrencies in one app.<\/p>\n As of press time, SoFi\u2019s shares on the Nasdaq are up 3.8%, and have risen over 100% so far this year, per Google Finance.<\/p>\n SoFi said its crypto platform boasts \u201cbank-grade safety\u201d and connects with its existing financial services so users can buy crypto directly from their SoFi bank accounts.<\/p>\n SoFi Crypto is part of the company\u2019s bigger push into blockchain, per the release, including plans for crypto remittances, a USD-pegged stablecoin<\/a>, and tying crypto into its lending and payments services. <\/p>\nSoFi\u2019s Crypto Push <\/h2>\n