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US Bank SoFi Introduces Bitcoin and Ethereum Trading Services
US-based bank SoFi Technologies hEther ETFsas officially introduced cryptocurrency trading services to its clients, marking a significant step as clearer regulations attract traditional finance into the crypto market. The phased rollout began Monday, with more customers gaining access in the coming weeks. The platform will offer dozens of cryptocurrencies, including Bitcoin and Ether.
A First for a Nationally Chartered Bank
SoFi CEO Anthony Noto told CNBC’s Squawk Box, “One of the holes we’ve had for the last two years was in cryptocurrency, the ability to buy, sell, and hold crypto. We were not allowed to do that as a bank. It was not permissible.”
He emphasized that SoFi is now the first and only nationally chartered bank to offer crypto trading directly to consumers. The move follows guidance from the Office of the Comptroller of the Currency, which eased restrictions on how banks can engage with cryptocurrencies earlier this year.
Blockchain as a Super Cycle Technology
SoFi plans to launch SoFi USD, a stablecoin fully backed by reserves, and integrate crypto into its lending and payment infrastructure. Noto described blockchain and cryptocurrencies as “a super cycle technology just like AI, and it will be pervasive across all the financial system.”
He also addressed stablecoin risks, highlighting the importance of liquidity, credit risk, and reserve management: “I actually worry quite significantly about stablecoins from operators that are not banks. Where are the reserves sitting? Is there duration risk for those reserves? Is there credit risk for those reserves? Are those reserves bankruptcy remote?”
Member Interest and Adoption
SoFi manages over $41 billion in assets and has a member base of 12.6 million. According to Noto, 60% of surveyed members expressed interest in crypto. He also shared that 3% of his personal portfolio is allocated to crypto, primarily Bitcoin.
