Morning Minute: SoFi Bank Launches Spot Crypto Trading

It's a major first for banks and fintechs as access to crypto trading becomes easier and easier.

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s top news:

Today marks a milestone.

A major U.S. financial institution is launching crypto trading.

SoFi announced it now offers crypto spot trading access for its U.S. consumers directly within its own operations (no third-party integrations, no digital-wallet partners).

Users can trade Bitcoin, Ethereum, Solana and up to 30 other coins directly within the SoFi app under its bank charter umbrella.

Key points:

Buy and trade crypto majors along with your savings account, stock portfolio and credit cards—all under the same hood.

“Today marks a pivotal moment when banking meets crypto in one app, on a trusted platform, and driven by our core mission to help our members get their money right. I believe blockchain technology will fundamentally change EVERY way finance is done throughout the world by making money movement faster, cheaper and safer, while opening new ways for people to borrow better, invest better, spend and save better.” - SoFi CEO Anthony Noto in a statement.

“Data shows 60% of SoFi members who own crypto would prefer to buy, sell and hold their crypto with a licensed bank over their primary crypto exchange—a clear signal of the confidence consumers place in regulated institutions and SoFi’s unique position to meet this demand head-on.” - SoFi statement

SoFi offering crypto alongside is traditional finance products is a big deal.

That convergence does three things:

The barriers to buying, holding and trading crypto are all falling down in real time. And the pace is accelerating.

The next wave of crypto holders are very likely coming from the established banks.

It’s time to prepare for that wave and the impacts that come with it…

A few Crypto and Web3 headlines that caught my eye:

Here’s a rundown of major token, protocol and airdrop news from the day:

Here is the list of other notable headlines from the day in NFTs:

More News

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