Allowing customers to directly purchase Crypto Assets in banking software, has SoFi made banking history?

Financial technology giant SoFi Technologies (NASDAQ: SOFI) officially announced that it has become the first national chartered bank in the United States to offer in-app direct trading services for Crypto Assets to retail customers. This bold move not only breaks the barriers between traditional banks and digital assets but also heralds the arrival of a new era of Crypto Assets mainstream adoption led by compliance institutions.

Revolution in Financial Services

On November 11, 2025, US time, SoFi officially launched a new platform called “SoFi Crypto.” Through this service, SoFi's vast user base of 12.6 million will be able to directly buy, sell, and hold various mainstream Crypto Assets, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), within their familiar banking application. This marks the integration of Crypto Assets into a “one-stop financial shop” that combines savings, checking, loans, and investments, rather than being an alternative investment outside the mainstream financial system.

SoFi CEO Anthony Noto couldn't hide his excitement in an interview: “Today marks a critical moment where banking and Crypto Assets converge in one application. It is essential to provide our members with a safe, compliant way to step into the future of currency.”

According to SoFi's plan, the service will be rolled out in phases, starting on November 11, and is expected to cover all members by the end of 2025. This move aims to ensure the stability of the platform and the user experience, while also being a prudent test of market reactions. Unlike other fintech companies or exchanges that only offer Crypto Assets services, SoFi's customers can manage their daily finances and digital asset investments in the same interface, providing an unprecedented seamless integration experience.

SoFi's ability to make history this time is backed by a dramatic reversal in the regulatory environment in the United States. In fact, this is not SoFi's first foray into the crypto space. As early as 2019, it offered similar services through partnerships with third parties. However, in 2023, in order to obtain the valuable national bank charter, SoFi had to suspend all digital asset services under the increasing regulatory scrutiny of the Biden administration on the crypto industry.

Noto spoke candidly about this: “For the past two years, there has been a gap in our services, that is, Crypto Assets. As a bank, we are not permitted to engage in the business of buying, selling, and holding Crypto Assets; this is not allowed.”

However, with the changes in the political landscape of the United States in 2025, the pendulum of regulation began to swing in another direction. Under President Trump's leadership during the “deregulation wave”, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released key clarification documents earlier this year. These documents clearly state that nationally chartered banks can legally provide custody, trading, and settlement services for Crypto Assets.

This policy shift, particularly the interpretive letter issued by the OCC, has cleared the largest legal hurdles for institutions like SoFi, allowing them to handle customers' crypto assets directly without relying on third-party intermediaries. Noto succinctly summarized: “SoFi has transformed from a bank that was unable to offer crypto products to a company with the best licenses to deliver these services.”

bank-grade confidence

Among the many crypto assets trading platforms, SoFi is trying to attract users with its unique “bank-grade confidence”. As an institution with a full national banking license, SoFi's encryption services will be subject to the same level of strict regulation, capital requirements, and compliance review as traditional bank products such as checking, savings, and loans.

This is crucial for investors seeking a sense of security. An internal survey conducted by SoFi shows that up to 60% of existing Crypto Assets holders prefer to trade through a licensed bank rather than traditional Crypto Assets exchanges. After experiencing multiple exchange collapses and security incidents, investors' trust is shifting towards more credible Compliance institutions.

SoFi further emphasized the advantages of fund security on its platform. The funds used by users to purchase Crypto Assets come directly from their FDIC-insured bank accounts opened at SoFi (with deposit insurance coverage of up to $2 million). Noto explained, “When your cash is not being used for investment, it is kept in an insured account that earns interest, rather than sitting idle on the balance sheet of some exchange.” This model not only provides security and returns for users' idle funds but also greatly reduces counterparty risk.

SoFi's ambitions clearly extend beyond becoming a Crypto Assets trading platform. The services launched this time are merely the first step in its grand “comprehensive blockchain strategy.” Noto views blockchain and Crypto Assets as a “supercycle technology” on par with artificial intelligence (AI), and he firmly believes that this technology will “permeate the entire financial system.”

To achieve this vision, SoFi is actively advancing several cutting-edge initiatives: Developing a USD stablecoin: SoFi is developing a stablecoin named “SoFi USD,” which is backed one-to-one by USD reserves. Noto expressed deep concerns about many non-bank issued stablecoins on the market, questioning the safety of their reserves and whether there are maturity risks or credit risks. He believes that stablecoins issued by regulated banks can fundamentally address these issues, thus changing the game in the payments sector. Integrating crypto lending and payments: The company is exploring the incorporation of cryptocurrencies into its core lending and payment products, aiming to leverage blockchain technology for faster and lower-cost fund transfers. Exploring cross-border remittances: SoFi also revealed plans to utilize the Bitcoin Lightning Network for cross-border payments, which is expected to disrupt the traditional slow and expensive international remittance system.

Noto himself has also expressed confidence in this technology through his actions. He revealed that he has allocated 3% of his personal investment portfolio to Crypto Assets, mainly in Bitcoin. He made a vivid analogy: “The reason I invest is that I believe we are investing in a technology, not a coin. Imagine if, in 1990, you could purchase a part of the World Wide Web through something called 'World Wide Web coin.' This is very similar to today's situation.”

industry catalyst

As the first national bank to take the plunge, SoFi's actions undoubtedly dropped a heavy bombshell on the entire American banking industry. This is not only a clear signal to its 12.6 million customers but also demonstrates to its peers on Wall Street a viable path that combines traditional finance (TradFi) with decentralized finance (DeFi).

It is reported that other financial giants, including Charles Schwab and PNC Bank, are also closely watching and preparing to launch similar services. SoFi's proactive move is likely to become a catalyst, accelerating the normalization and popularization of Crypto Assets within the mainstream banking system in the United States. An era where encryption services are provided by regulated, insured, and trustworthy financial institutions is approaching us at an unprecedented pace. This will not only open a door to the world of digital assets for millions of ordinary investors but may also fundamentally reshape the global financial infrastructure for decades to come.