SoFi rolls out crypto trading as digital asset gold rush draws lenders
FILE PHOTO: Representation of cryptocurrencies are seen in this illustration created on September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
SoFi on Tuesday announced plans to roll out crypto trading for customers, as the multi-trillion-dollar crypto sector continues to attract traditional financial firms amid clearer regulation and growing adoption.
Retail momentum and institutional entry have been boosting crypto adoption as well as driving a rise in trading activity that is lifting platforms, brokers and exchanges at the center of the market.
Although crypto markets remain volatile, analysts say there is steady client demand for access to digital assets.
The fintech said its customers will be able to buy, sell and hold dozens of cryptocurrencies, including bitcoin, ethereum, and solana, some of the world's biggest tokens by market value.
"SoFi is the first bank in the U.S. to offer crypto trading and investing," CEO Anthony Noto said.
"The product we're launching today is for retail members, but institutional access is right around the corner."
REGULATORY SHIFT
U.S. banks have long avoided direct involvement in crypto due to regulatory uncertainty, but signals from the new Trump administration of a more supportive policy approach have eased some hurdles.
Several lenders have since said they will explore crypto products.
"What gives us confidence is clarity...the OCC (Office of the Comptroller of the Currency) issued clarity in the spring of 2025 that it is now permissible for banks with the exact license that SoFi has to offer crypto and blockchain products and services," Noto said.
"SoFi went from not being able to offer crypto products and services as a bank or bank holding company to, in our view, having the best license a company can have to offer crypto and blockchain services."
SoFi said it is on track to launch its own U.S.-dollar-pegged stablecoin and will integrate crypto in its lending and infrastructure services.
Stablecoins are a type of cryptocurrency intended to maintain a fixed value and are used to move money within the crypto market.
SoFi earlier this month raised its annual profit forecast after record third-quarter results.
