Key Highlights
- SoFi now lets its 13.7 million users deposit, buy, and hold Solana (SOL) directly from its banking app.
- This comes months after the launch of SoFi Crypto, which lets users manage multiple cryptocurrencies in one app with bank-level security and in-app guides.
- The bank is expanding blockchain use for faster transfers and stablecoin plans and integrating crypto into loans and payments.
US-chartered bank SoFi is now letting its 13.7 million customers deposit, buy, and hold Solana (SOL) directly from its banking app.
This means users can manage their Solana without leaving the SoFi app, alongside other cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The rollout starts today and will gradually become available to more members in the coming weeks. The move allows customers to combine traditional banking and crypto services within a single platform.
Launching SoFi’s crypto services for users
Meanwhile, this comes just two months after SoFi launched SoFi Crypto, a platform that allows members to buy, sell, and hold many different cryptocurrencies. The app is designed to help both beginners and people who already know crypto.
Members can move money instantly from their FDIC-insured checking or savings accounts into crypto. This allows users to buy crypto right away while keeping their cash earning interest when not in use.
According to previous reports, SoFi Crypto provides a platform built for safety and stability. The bank uses strong security and follows US banking rules to protect users’ crypto.
The app also includes guides and simple lessons to help users understand how crypto works and make smart choices. SoFi reminds members that crypto is not FDIC-insured. Its value can go up or down, and it is possible to lose all the money invested.
Recent stablecoin launch
Shortly after SoFi Crypto, the bank also launched its own stablecoin, SoFiUSD, which is directly pegged to the US dollar. According to a previous report, the stablecoin is backed by U.S. Treasury bills, cash, and repurchase agreements with regulated institutions.
The stablecoin is built on the Ethereum blockchain as an ERC-20 token, which means that the majority of crypto wallets will be able to support the stablecoin. The stablecoin is designed to make transactions more efficient.
According to the CEO, Anthony Noto, “With SoFiUSD, we’re using the infrastructure we’ve built over the last decade and applying it to real-world challenges in financial services… to provide a safer and more efficient way for partners to move funds.”
Broader context
SoFi’s move to allow its customers to transact SOL on its platform is a step in combining regular banking with digital money.
Interest in digital assets among the company’s customers is also growing. SoFi recently reported that 60% of its members who own crypto prefer to use a licensed bank instead of a normal crypto exchange, highlighting that people trust the safety of the banks and clear regulation when handling their money assets.
Also Read: MoonPay Expands Stablecoin Ecosystem With PYUSDx for Developers
