SoFi to Launch Crypto Trading Product
By Katherine HamiltonSoFi is rolling out a new feature allowing its customers to buy, sell and hold cryptocurrency in the same place as they do their banking.SoFi Crypto will be offered in phases starting Tuesday, and will include dozens of cryptocurrencies such as bitcoin, ethereum and solana.The new platform will be integrated into SoFi's main banking app so users can transfer money between their checking, savings and crypto accounts. Most consumer banks don't offer direct crypto trading to retail customers, though some including Morgan Stanley and Charles Schwab have said they plan to add products in the coming months.Instead, platforms like Robinhood and Coinbase have been the central locations for individuals to trade the digital currency. SoFi is aiming to provide crypto traders with the regulation and security of a large banking institution, Chief Executive Anthony Noto said."I believe blockchain technology will fundamentally change the way finance is done throughout the world by making money movement faster and opening new ways for people to build wealth," Noto said.SoFi Crypto is the start of the bank's broader strategy to integrate blockchain technology throughout its system. The company is using blockchain to power global crypto-enabled remittances that make it quicker and more affordable to send money internationally.SoFi also plans to introduce a U.S. dollar stablecoin and include crypto in its lending and infrastructure services.Write to Katherine Hamilton at [email protected]