SoFi Launches Crypto Trading as the First National Bank in the U.S. Following Regulatory Changes

SoFi's Entry into Crypto: SoFi has become the first nationally chartered bank in the U.S. to offer cryptocurrency trading, launching its platform after receiving regulatory approval, allowing users to trade various cryptocurrencies like Bitcoin and Ether.

Development of Stablecoin and Blockchain Services: The bank is also developing SoFi USD, a fully backed stablecoin, and plans to integrate blockchain technology into its lending and payment systems to enhance transaction security and speed.

CEO's Perspective on Crypto: CEO Anthony Noto views the move into crypto as a significant innovation, comparing it to the early days of the internet, and noted that 60% of SoFi's members are interested in crypto investments.

Regulatory Changes Facilitate Return: SoFi had previously exited the crypto market due to regulatory challenges but re-entered after the Office of the Comptroller of the Currency relaxed its stance on banks' participation in digital assets.