SoFi Technologies Inc (NASDAQ: SOFI) on Tuesday announced plans to launch cryptocurrency trading for its retail customers.
In doing so, SoFi said it has become the first and only nationally chartered bank where consumers can bank, borrow, invest, buy, sell and hold cryptocurrencies, including Bitcoin, Ethereum, and Solana.
"The product we're launching today is for retail members, but institutional access is right around the corner," SoFi Technologies CEO Anthony Noto said.
The Trump administration has signaled a more supportive policy for US banks to become involved in the crypto trade.
"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 added.
SoFi also noted that it is on track to roll out its own US-dollar-pegged stablecoin and will integrate crypto in its lending and infrastructure services.
SoFi Technologies shares slipped 2.2% to $29.87 in early trading on Tuesday.