SoFi Technologies (NASDAQ: SOFI) has achieved a significant milestone by becoming the first nationally chartered bank in the United States to launch crypto services directly for its retail customers. The company's new platform, "SoFi Crypto," allows members to seamlessly buy, sell, and hold major cryptocurrencies, including Bitcoin (BTC), Ethereum, and Solana, directly within their existing bank accounts. The rollout commenced on a Tuesday, with phased access planned to reach all of SoFi’s 12.6 million customers by the end of 2025. Anthony Noto, CEO of SoFi, underscored the importance of this initiative, stating, "Today marks a pivotal moment when banking meets crypto in one app," emphasizing the critical need to provide a secure and regulated pathway for members to engage with the future of money. The company has also indicated plans to introduce more cryptocurrencies in the future.

This groundbreaking launch follows a dramatic reversal in U.S. banking policy regarding digital assets. After years of regulatory hesitation, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) clarified earlier this year that nationally chartered banks are indeed permitted to offer crypto custody, trading, and settlement services. CEO Noto revealed on CNBC that the inability to offer crypto products had been a "hole" in SoFi's vision of becoming a comprehensive financial services provider for the past two years, as such activities were previously not permissible for them as a bank. This regulatory shift, described as part of a broader deregulatory wave, has ignited a new phase of institutional adoption for cryptocurrencies.

A key development facilitating this change was the OCC’s interpretive letter in May, which provided banks with the necessary legal clarity to handle crypto directly, rather than relying solely on third-party intermediaries. As Noto articulated to Reuters, this allowed SoFi to transition "from not being able to offer crypto products as a bank to having the best license a company can have to deliver them."

A critical differentiator for SoFi's crypto services is its operation under a full national bank charter. This means its crypto offerings are subject to the same rigorous oversight and capital requirements that govern its traditional banking products, such as checking, savings, and lending. This distinction is expected to instill greater confidence, with SoFi reporting that 60% of its members who already own crypto prefer trading through a licensed bank over traditional exchanges. Furthermore, funds used for crypto purchases will flow directly from FDIC-insured SoFi checking and savings accounts, offering up to $2 million in deposit coverage. Noto highlighted the benefit of this arrangement, noting that when cash is not actively deployed, "it’s sitting in an insured account that earns interest — not idle on an exchange."

SoFi's ambitions extend beyond simple crypto trading. The bank is actively developing a U.S. dollar-pegged stablecoin and exploring crypto-integrated lending and payment products, all part of what it terms a "full blockchain strategy" aimed at modernizing financial infrastructure. With other major lenders like Charles Schwab and PNC reportedly preparing similar rollouts, SoFi’s pioneering move is poised to significantly accelerate the normalization and widespread integration of cryptocurrency within the U.S. banking system.