SoFi Bank Enables In-App Spot Crypto Trading for Bitcoin and Ethereum
SoFi Bank has integrated spot cryptocurrency trading directly into its mobile banking app, allowing customers to buy and sell Bitcoin (BTC) and Ethereum (ETH) 24/7. Trades incur a flat 1.25% fee on each transaction, with no minimum investment requirement. This move, powered by a partnership with Paxos for custody and settlement, brings crypto trading under FDIC protection for USD holdings. Early access began with a beta release for select users; full rollout is expected by Q1 2024. By embedding crypto services into everyday banking, SoFi aims to accelerate mainstream adoption of digital assets and compete with dedicated crypto platforms. The integration underscores growing institutional support for Bitcoin and Ethereum, potentially boosting liquidity and market stability.
Bullish
SoFi Bank’s entry into spot crypto trading is a bullish indicator for the market. By lowering access barriers and embedding Bitcoin and Ethereum trading within a trusted banking app, SoFi will likely expand the pool of retail crypto investors. Similar past moves—such as PayPal’s crypto rollout in 2020—led to surges in trading volume and positive price momentum for major tokens. In the short term, expect increased demand and tighter spreads for BTC and ETH. Over the long term, mainstream banking adoption contributes to broader institutional acceptance, driving sustained growth and liquidity in the cryptocurrency market.