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SoFi first US bank to offer crypto trading, CEO says

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Analysts point to growing demand for digital assets

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Trump administration regulators ease crypto path for

lenders

By Manya Saini

Nov 11 (Reuters) - SoFi on Tuesday announced

plans to roll out crypto trading for customers, as the

multi-trillion-dollar crypto sector continues to attract

traditional financial firms amid clearer regulation and growing

adoption.

Retail momentum and institutional entry have been boosting

crypto adoption as well as driving a rise in trading activity

that is lifting platforms, brokers and exchanges at the center

of the market.

Although crypto markets remain volatile, analysts say there

is steady client demand for access to digital assets.

The fintech said its customers will be able to buy, sell and

hold dozens of cryptocurrencies, including bitcoin, ethereum,

and solana, some of the world's biggest tokens by market value.

"SoFi is the first bank in the U.S. to offer crypto trading

and investing," CEO Anthony Noto said.

"The product we're launching today is for retail members,

but institutional access is right around the corner."

REGULATORY SHIFT

U.S. banks have long avoided direct involvement in crypto

due to regulatory uncertainty, but signals from the new Trump

administration of a more supportive policy approach have eased

some hurdles.

Several lenders have since said they will explore crypto

products.

"What gives us confidence is clarity...the OCC (Office of

the Comptroller of the Currency) issued clarity in the spring of

2025 that it is now permissible for banks with the exact license

that SoFi has to offer crypto and blockchain products and

services," Noto said.

"SoFi went from not being able to offer crypto products and

services as a bank or bank holding company to, in our view,

having the best license a company can have to offer crypto and

blockchain services."

SoFi said it is on track to launch its own

U.S.-dollar-pegged stablecoin and will integrate crypto in its

lending and infrastructure services.

Stablecoins are a type of cryptocurrency intended to

maintain a fixed value and are used to move money within the

crypto market.

SoFi earlier this month raised its annual profit forecast

after record third-quarter results.