Copyright Benzinga
SoFi Technologies, Inc. (NASDAQ:SOFI) launched SoFi Crypto on Tuesday, becoming the first nationally chartered, FDIC-insured bank to offer cryptocurrency trading directly within its financial services platform. The new feature enables users to buy, sell, and hold digital assets, such as Bitcoin (CRYPTO: BTC/USD), Ethereum (CRYPTO: ETH/USD), and Solana (CRYPTO: SOL/USD), through the same app used for banking and investing — combining convenience with regulatory oversight and bank-grade security. Anthony Noto, SoFi’s CEO, said, “I believe blockchain technology will fundamentally change EVERY way finance is done throughout the world by making money movement faster, cheaper and safer, while opening new ways for people to borrow better, invest better, spend and save better.” Also Read: SoFi Technologies Stock Jumps To New Highs On Q3 Earnings Beat Noto emphasized that SoFi’s regulated status gives customers the confidence to explore crypto through a trusted banking institution. Unified Digital and Fiat Management Members can now manage both fiat and digital assets in a single app. Funds from SoFi Money Checking or Savings accounts can be used instantly to buy crypto, eliminating the need to transfer money to other exchanges and providing a smoother and faster experience for users. SoFi says its crypto service meets strict compliance and security standards while promoting financial literacy. The platform includes in-app resources to help users understand the risks and volatility of crypto. The company cautions that digital assets are not FDIC or SIPC-insured and can fluctuate in value. Broader Blockchain Strategy The launch is part of SoFi’s broader blockchain strategy. The company plans to introduce a USD stablecoin, use blockchain for international remittances, and integrate crypto into lending and payments to lower costs and improve transaction speed. Stock Performance SoFi Technologies stock has a 52-week high of $32.56 and a low of $8.60. The stock trades about 5% above its 50-day simple moving average, and remains modestly higher year-to-date. Price Action: SOFI shares were trading lower by 1.67% to $30.03 at last check Tuesday. Read Next: CoreWeave Bulls Should Brace For ‘Wild, Lumpy, Volatile Ride,’ JPMorgan Says Photo by Tada Images via Shutterstock
