SoFi bank has recently become the first nationally chartered bank in the US to let customers buy, sell and hold cryptocurrencies.
Previously, banks had been restricted from offering this service however in March 2025 the Office of the Comptroller of the Currency (OCC) issued a letter that stated that it was permissible.
Anthony Noto, CEO of SoFi since 2018, confirmed the launch on CNBC stating that SoFi will offer crypto trading services for over 30 cryptocurrencies, initially beginning with Bitcoin, Ethereum and Solana.
How Will The Service Work?
SoFi members will be able to use the SoFi app to instantly buy crypto assets using the cash in their checking or savings account.
SoFi states that their goal is to be a one-stop shop for their 10 million members and Noto confirmed that one of the gaps they’ve been wanting to fill over the last few years has been crypto. Indeed for their members it will be an easy on-ramp to crypto, bypassing the need to open an account with an exchange to buy crypto.
SoFi says it’s rolling out the service in stages, which began on November 10th, and highlights the safeguards of a bank. They currently have a waitlist on their website from now until November 30th, with access rolling out over the next few weeks.
For those who are new to crypto, Sofi will have some in-app education available to help members make their own informed decisions about buying Bitcoin or other crypto assets. They also make it clear here that crypto isn’t a bank deposit therefore isn’t insured by the FDIC or SIPC.
A New Rival for Coinbase?
According to SoFi, their data shows that 60% of their members would prefer to buy crypto through their bank rather than set up a crypto exchange account.
SoFi initially launched crypto trading back in 2019, partnering with Coinbase, however services had to be suspended in 2023 due to regulatory issues during the bank’s charter transition. Now, SoFi is going it alone, and has made it clear that it has the safeguards of a federally regulated and chartered bank.
Other banks may follow suit, although Noto was keen to clarify that SoFi is a one stop shop and that other banks may not have the same breadth of services.
The Convenience of Banks vs. the Purpose of Bitcoin
While banks may be convenient, in so much as SoFi members can use their existing cash to buy crypto, there are a few downsides. As is also the case with exchanges, banks would hold custody of your crypto which means they also hold the keys, the crypto isn’t truly yours and you’re relying on a third party to store it.
This goes against the original purpose of Bitcoin, which was to be permissionless and provide sovereign ownership.
It should also be made clear that SoFi didn’t allow transfers out of crypto last time they offered crypto trading services, you had to first sell to Dollars and then cash out. There wasn’t an option to send your Bitcoin to a wallet or an exchange, without first converting it back to Dollars, although Noto did allude that SoFi would now provide the ability to send cryptocurrency via the Lightning network.
On top of this, know your customer (KYC) checks are required to open a bank account which some users would prefer to avoid.
At the moment SoFi is looking to offer a selection of around 30 cryptocurrencies, this is a small selection compared to what is available, some users may not find the coin that they’re looking for.
That’s exactly why non-custodial, multichain solutions like Best Wallet have become a more suitable pick, especially for those who want to keep their crypto transactions private, secure, and simple.
Best Wallet doesn’t just hand users the control, it’s packed with features that let them store, buy, and trade cryptocurrencies without jumping through KYC hoops, giving it an edge over centralized platforms like SoFi that require extensive verification, even for basic trading.
On top of that, it supports multiple blockchains, including Bitcoin, Ethereum, Solana, Base, Binance Smart Chain, and Polygon along with all the tokens listed on them, giving users broader access to the crypto ecosystem. That multichain appeal makes it better than DEXes, which are limited to only cryptos from their native blockchains.
In terms of security, Best Wallet integrates cutting-edge tools like Fireblocks and privacy-focused features such as biometric logins, adding extra layers of protection without compromising crypto’s decentralized roots.
The next key attraction that makes Best Wallet different from the rest, however, is the “Upcoming Tokens” feature, designed to let investors discover early-moving opportunities and scoop gains before they become public knowledge. Additional perks that this wallet offers include fiat payment, staking yields, portfolio management, iGaming bonuses, NFT integration, and a whole lot more.
And as the demand for secure, self-custodial wallets grows by the day, notable names in the industry, including ClayBro see Best Wallet as a strong contender to lead the next wave of crypto adoption.
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