US bank SoFi Technologies has launched cryptocurrency trading services for its clients, as clearer rules have allowed the cryptocurrency market to attract greater interest than traditional finance.
Sufi He said on Tuesday announced that its cryptocurrency service will aim to offer dozens of cryptocurrencies, including Bitcoin (Bitcoin) and ether (Ethereum), and began rolling out in phases on Monday, with more customers gaining access to it in the coming weeks.
SoFi CEO Anthony Noto He said Squawk Box told CNBC on Tuesday that his bank is the first and only nationally chartered bank Launching cryptocurrency trading Consumers were incentivized to do so after the Office of the Comptroller of the Currency (OCC) eased its measures. Position on how banks participate With cryptocurrencies in March.
“One of the loopholes we faced over the last two years was in cryptocurrencies, the ability to buy, sell and hold cryptocurrencies,” he said. “We were not allowed to do that as a bank. It was not allowed.”
Sufi Withdrew from the cryptocurrency industry in 2023 As a condition for obtaining a banking charter in a more stringent regulatory environment. The bank returned to cryptocurrencies in June, when… Offer international payment optionsallowing conversions from fiat currencies to cryptocurrencies and their transfer via the blockchain.
Blockchain and Cryptocurrencies “Supercycle Technology”
SoFi also plans to do so Introducing SoFi USD, a stablecoin Backing the dollar against the dollar with reserves, and integrating cryptocurrencies into their lending services and infrastructure for faster borrowing and payments.
“We believe that blockchain and cryptocurrencies are a supercycle technology just like AI, and will be pervasive throughout the financial system,” Noto said.
He added that stablecoins will fundamentally change payments, provided they have liquidity and do not carry credit or duration risks.
“I’m actually very concerned about stablecoins from operators that are not banks. Where are the reserves? Is there a risk to the duration of those reserves? Is there credit risk to those reserves? Is bankruptcy of those reserves far away?” He said.
“These are three elements you have to think about with any stablecoin you use. Just because it’s dollar-for-dollar doesn’t mean those dollars will be there when you try to liquidate.”
Members support crypto transformation
SoFi has more than $41 billion in assets, According to To the financial metrics platform Business Quant. Bank results for the third quarter existing It has a net revenue of $962 million and shows a member base of 12.6 million people.
Related to: How TradFi banks are developing new models for stablecoins
Noto said that 60% of the bank members surveyed were interested in cryptocurrency investments, and also revealed that he allocated 3% of his personal portfolio to cryptocurrencies, especially Bitcoin.
“We get exposed to it because I think we invest in technology and not in currency. The analogy I use with people is imagine if in 1990 you could buy a piece of the World Wide Web with a coin called the World Wide Web Coin.”
“It’s very similar to that,” Noto added. “These are the networks, the communications networks used for payments and other applications.”
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