SoFi Rolls Out Crypto Trading for Retail Customers

Fintech bank SoFi has rolled out crypto trading to retail customers, setting the pace as the first of several national banks planning similar moves in the coming months, David Hollerith reported for Yahoo Finance.

The plan is for all of SoFi’s 12.6 million customers to gain access before the end of 2025. (Image: SoFi) 

SoFi previously gave customers the ability to buy, sell, and hold crypto through its app, but it agreed to shutter that service two years ago to obtain approval for its national banking license.

Starting Tuesday, select retail customers can once again trade bitcoin, ether, and other crypto assets.

The plan is for all of SoFi’s 12.6 million customers to gain access before the end of 2025.

“Today marks a pivotal moment when banking meets crypto in one app,” SoFi CEO Anthony Noto said in a press release. “It’s critical to give our members a secure and regulated way to step into the future of money,” Noto added.

Biden-era regulators largely discouraged banks from delving into crypto. U.S. bank regulators have swiftly reversed that stance during President Trump’s first year in office.

In May, the Office of the Comptroller of the Currency clarified that banks can engage in crypto custody and execution activities, following similar guidance from the Federal Deposit Insurance Corp. (FDIC) earlier in the year.