SoFi Becomes First US Bank to Let Customers Trade Crypto
SoFi Technologies, a US-based bank, has started offering cryptocurrency trading to its customers.
The service began rolling out on November 11 and will reach more users over time. Customers will be able to trade several digital currencies, including Bitcoin
In an interview on CNBC’s Squawk Box, SoFi CEO Anthony Noto said the company is the first national bank in the US to introduce crypto trading to retail customers.
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He explained that SoFi was motivated by recent changes from the Office of the Comptroller of the Currency, which in March adjusted how banks can engage with crypto.
SoFi also plans to issue its own stablecoin, SoFi USD. The token will be backed one-to-one by reserves and used to support faster payments and digital lending. The company also plans to build blockchain-based tools into its financial services.
He also discussed the risks around stablecoins. Noto said that stablecoins can improve payment systems, but only if they are backed by secure reserves and do not carry additional financial risk.
SoFi found that 60% of its members are interested in crypto investing. Noto also shared that he personally holds about 3% of his crypto investments, mostly Bitcoin. He said his interest is rooted in the technology behind it rather than in short-term trading.
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