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SoFi Technologies Inc. (NASDAQ:SOFI) has become the first nationally chartered U.S. bank to launch crypto trading, giving customers regulated access to Bitcoin and other digital assets.
SoFi CEO Anthony Noto announced the launch on Tuesday, calling it a "major milestone" for the company's all-in-one finance model.
He said the move follows a March interpretive letter from the Office of the Comptroller of the Currency (OCC) permitting banks to engage in cryptocurrency transactions.
"We wanted to be a one-stop shop for every financial need," Noto said in an interview.
"For two years, we couldn't offer cryptocurrency services as a bank. Now, we finally can."
Initially, the bank will begin with Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Solana (CRYPTO: SOL).
It plans to expand its list of supported cryptocurrencies in the coming months.
Additionally, Noto said SoFi's focus will be on fast execution, broad selection, and competitive pricing.
Noto emphasized that SoFi's national bank charter offers advantages that platforms like Coinbase Global Inc. (NASDAQ:COIN) and Robinhood Markets Inc. (NASDAQ:HOOD) lack.
"We are a nationally chartered bank," he said. "That means we have the infrastructure, processes, and safeguards consumers expect from a bank."
He added that SoFi's integrated model allows customers to manage all financial services in one place.
Members can link their checking and savings accounts, borrow, invest, and now trade crypto within the same platform.
Funds used for crypto trading are drawn directly from SoFi accounts that earn interest and are insured by the Federal Deposit Insurance Corporation (FDIC).
Noto also highlighted another differentiator. "Your unused funds earn interest and remain insured," he said. SoFi's FDIC coverage extends up to $2 million per customer.
SoFi Price Action (Source: TradingView)
Trader Notes: SoFi is holding above the 20-day EMA near 29.00, showing buyers are defending short-term support after the pullback.
Price reclaimed the 0.618 Fibonacci level at 29.98 and is now tracking the rising trendline from April, keeping the broader uptrend intact.
A daily close above 31.10 opens a path toward the recent high at 32.60.
However, losing 29.00 would expose 27.50 at the 50-day EMA as the next downside level.
RSI at 55 shows momentum leaning bullish without being overheated.
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