US bank SoFi Technologies has launched crypto trading services, offering Bitcoin and Ether among dozens of cryptocurrencies. This move comes after clearer rules allowed traditional finance to enter the crypto market. SoFi CEO Anthony Noto stated the bank is the first nationally chartered bank to offer crypto trading to consumers.

SoFi returned to the crypto industry in June after withdrawing in 2023 to comply with stricter regulations for obtaining a bank charter. The bank rolled out international payment options, enabling conversions from fiat to crypto and transmission via the blockchain. SoFi plans to introduce a stablecoin called SoFi USD and integrate crypto into lending and infrastructure services.

SoFi CEO Noto views blockchain and cryptocurrencies as “super cycle technology” that will revolutionize the financial system. Stablecoins, if liquid and without credit or duration risk, could fundamentally change payments. Noto emphasized the importance of stablecoins being backed by reserves that are not subject to bankruptcy or credit risk.

SoFi has over $41 billion in assets and a member base of 12.6 million people. 60% of surveyed members showed interest in crypto investments. Noto himself has allocated 3% of his portfolio to crypto, particularly Bitcoin. He views crypto as an investment in technology, comparing it to investing in the World Wide Web in 1990.

Read more at Cointelegraph: SoFi Bank Introduces Crypto Trading for Customers