SoFi turned itself into a ‘crypto bank’: Here’s why that matters | Official Website of Louis Velazquez, entrepreneur, finance guy and tech innovator

SoFi is trying to transform its image by diving into digital assets, hoping to broaden its appeal beyond the student-loan refinancing market. The financial technology company is cleverly using its U.S. bank charter to step directly into the cryptocurrency market.

SoFi did not mince its words when laying out its strategy for the crypto world, in the accompanying press release:

Here’s the pitch: SoFi is now the first and only national bank, fully chartered and FDIC-insured, offering users the ability to bank, borrow, invest, and now, buy, sell, and keep cryptocurrency, all inside a single application.

That creates a unique value proposition for SoFi, which was previously associated largely with student loans. Now, SoFi wants clients to think of it as a comprehensive financial app.

Why download or go somewhere else for your banking needs when SoFi has you covered? That’s the plan.

SoFi CEO Anthony Noto is leading the company’s push to merge traditional banking with digital assets.

Photo by Bloomberg on Getty Images

SoFi wants to be your “crypto bank,” not just a fintech app

SoFi Crypto, the new offering, allows customers to trade and store a diverse range of digital assets. Initially, the service supports bitcoin, ethereum, and solana. All transactions, from checking and savings to investing, are handled inside the same app clients already use.

The process is straightforward. Members finance their transactions directly from their SoFi bank or savings accounts. This way, any idle cash continues to earn interest, and they sidestep the hassle of transferring funds to an outside exchange.

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SoFi is betting that its ease of use, along with the reassuring presence of a registered bank, will entice consumers to switch from Coinbase, Robinhood, and similar trading platforms.

The financial technology company believes there is a substantial market for SoFi to exploit. SoFi states that 60% of SoFi members who own cryptocurrency would prefer to keep it with a licensed bank rather than a cryptocurrency exchange. That’s the trust gap SoFi is betting on.

As SoFi’s CEO Anthony Noto said to CNBC, the company’s comprehensive banking infrastructure provides users with “the safeguards that a consumer would expect from a bank.”

This is coupled with the rapid execution and variety often associated with a crypto platform.

A bigger strategy: putting blockchain under the hood

SoFi isn’t positioning crypto as a separate trading option. The corporation is already using blockchain rails for worldwide remittances and wants to develop its own USD stablecoin as part of a bigger attempt to modernize payments and lending.

The objective is a financial “super app” where the bank controls more of the underlying technology, rather than relying on conventional middlemen. Crypto trading is the first obvious aspect of that strategy.

The upside for SoFi

SoFi is launching with a head of steam. With over 12.6 million members, the organization is experiencing record income and increased involvement in checking, savings, lending, and investment services.

Crypto can help increase SoFi’s momentum in the following ways:

Since crypto monitors open and check in on trading apps more frequently than regular users, higher engagement is likely to follow.
Trading spreads and fees provide a fresh income stream.
The “first and only crypto bank” tagline strengthens SoFi’s positioning in a competitive fintech sector.

If SoFi can successfully convert even a small percentage of its existing members into crypto users, the financial benefits could multiply rapidly.

SoFi’s crypto move helps the fintech further lean into its core strength

What is the biggest plus point for SoFi? Some admire its low-cost deposit funding, while others highlight the Galileo tech platform, which SoFi acquired to provide financial infrastructure to other companies.

However, for many in the investing world, the company’s main claim to fame is its focus on younger, digital-native customers. Having such a youthful client base gives SoFi a long runway.

Pew Research: Adults 18-29 are the most active in crypto, with 42% reporting they have traded, invested in, or used it.
Gemini survey: 51% of Gen Z report current or past crypto ownership, versus 29% of Gen X.
Triple-A global data: Largest user cohort is 25-34 (31%); only 8% of users are 55+.
Nordic Blockchain Association: Ownership heavily concentrates in 18-29 age range, with steep decline in older age groups.
Coinbase “State of Crypto”: 31% of younger adults own crypto, versus 12% of older adults.
Pew: 71% of adults 50+ distrust crypto reliability, compared with 55% among younger groups.

All of these data spell out one clear point. Crypto adoption drops sharply once average age increases.

Young people are looking out for banks and financial institutions that are looking to incorporate crypto into their offerings, so the latest release fits nicely into the narrative.

The risk column: volatility meets a bank charter

The world of cryptocurrency is still a gamble. SoFi’s news statement had explicit disclosures, a point Noto emphasized again during his CNBC appearance. He labeled the asset in question as “highly risky,” advising that it should be a minor portion of a well-balanced investment strategy.

Supervisory risk is another factor to consider. The Office of the Comptroller of the Currency’s 2025 advice signaled a shift, allowing banks to participate in specific crypto-related ventures.

However, regulatory scrutiny remains a constant. SoFi, now a national bank, presents a prominent example of how far consumer-focused organizations can push the boundaries with digital assets.

The organization has a lot on its plate, managing its tech platform, lending activities, and the expansion of deposits. The management is also working on new payment systems and now, crypto.

What investors should watch next

For those keeping an eye on SOFI, a few key points will be of interest:

The speed with which users embrace in-app crypto trading
Whether crypto starts up in SoFi’s sales reports or product performance indicators
Whether authorities will remain at ease with a consumer bank providing this degree of crypto access

SoFi is attempting something that, frankly, not many institutions have even considered: a regulated platform that blends the worlds of conventional finance and cryptocurrency.

If consumers accept it, and regulators also approve, this might strengthen the company’s image as a “one-stop shop.” Otherwise, it could become a diversion for a rapidly expanding digital bank, which already has its hands full.