SoFi operates a crypto banking product that integrates digital asset trading within its federally regulated banking infrastructure. The platform supports over 25 cryptocurrencies and allows users to buy, sell, and hold digital assets alongside traditional banking services including checking accounts, savings balances, and investment portfolios within a single ecosystem. The product addresses crypto industry trust concerns by positioning digital assets within a nationally chartered U.S. bank structure, though the company clarifies that cryptocurrencies held within SoFi Crypto are not FDIC-insured or SIPC-protected.
SoFi Integrates Crypto Trading with Banking Services
SoFi Crypto operates as an integrated feature within the company's broader financial services platform. Users can buy, sell, and hold cryptocurrencies while managing checking accounts, savings balances, and investing portfolios within the same environment. Funding crypto purchases connects directly to SoFi Checking and Savings accounts, allowing users to move funds instantly into crypto trades. Users can also fund their crypto accounts using Google Pay or Apple Pay. The platform requires users to connect SoFi Checking and Savings accounts to fully access the crypto product.
Platform Supports 25+ Cryptocurrencies with 1% Transaction Fee
SoFi Crypto currently supports more than 25 cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP, Cardano, Dogecoin, Chainlink, Avalanche, and USDC. The platform operates 24/7, allowing users to trade at any time. SoFi charges a flat 1% fee on crypto buy and sell transactions. The company states that transaction pricing may include a spread between live market pricing and execution pricing. The platform includes recurring purchase functionality, allowing users to automate dollar-cost averaging strategies. Opening a SoFi Crypto account requires standard identity verification and a connected SoFi Checking and Savings account.
SoFi Operates Crypto Product Through Nationally Chartered Bank
SoFi operates as a nationally chartered U.S. bank and emphasizes the safeguards, familiarity, and compliance standards associated with that structure. The company distinguishes its banking protections from the crypto assets themselves. Cryptocurrencies held within SoFi Crypto are not FDIC-insured or SIPC-protected and are not considered bank deposits. The company previously stepped away from crypto services in 2023 due to regulatory conditions tied to its banking charter before later re-entering the market.
Company Explores Blockchain Infrastructure Beyond Retail Trading
SoFi has explored blockchain-powered remittances, stablecoin infrastructure, and blockchain integrations tied to its broader financial services ecosystem. Initiatives involving SoFiUSD, blockchain-enabled transfers, and infrastructure partnerships indicate the company views blockchain technology as a component of its financial services strategy.
FAQ
What cryptocurrencies does SoFi Crypto support?
SoFi Crypto currently supports more than 25 cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP, Cardano, Dogecoin, Chainlink, Avalanche, and USDC.
What fees does SoFi charge for crypto transactions?
SoFi charges a flat 1% fee on crypto buy and sell transactions. The company states that transaction pricing may include a spread between live market pricing and execution pricing.
Are cryptocurrencies held in SoFi Crypto FDIC-insured?
No. Cryptocurrencies held within SoFi Crypto are not FDIC-insured or SIPC-protected and are not considered bank deposits, despite SoFi operating as a nationally chartered U.S. bank.
