FinTech company SoFi Technologies announced the launch of a new service that allows retail customers to buy and sell digital assets directly through a regulated banking app.
SoFi Technologies, Inc., a U.S.-based technology company offering comprehensive digital financial services, unveiled SoFi Crypto, a new feature enabling customers to trade cryptocurrencies directly through the banking app, eliminating the need for third-party platforms.
The launch of this crypto service is the result of years of coordination with federal regulators. The company is the first in the U.S. to integrate digital asset trading into infrastructure regulated by the Office of the Comptroller of the Currency (OCC).
In 2022, SoFi Technologies received OCC approval to establish SoFi Bank, N.A., a full-service national bank. Later, through the acquisition of Golden Pacific Bank, N.A., a subsidiary of Golden Pacific Bancorp, SoFi Bank officially entered the U.S. banking system as a federally chartered bank.
Digital asset trading within SoFi Crypto will comply with all risk management and regulatory standards. Customer funds used for trading will be held in FDIC-insured deposit accounts.
According to Anthony Noto, CEO of SoFi Technologies, the initiative marks a new chapter for the company. He said that their aim is to make digital assets a natural part of the full banking experience, giving customers the ability to invest, store, and trade crypto within a single regulated banking app.
In the future, the company also plans to expand into blockchain infrastructure initiatives, including the use of tokenized assets. Earlier, around 11.7 million SoFi Bank customers gained access to fast and low-cost international money transfers to Mexico via the Lightning Network.
