SoFi has become the first nationally chartered American bank to allow customers to deposit SOL directly through the Solana network. That means users can now move their tokens straight from external wallets into their SoFi accounts, no workaround, no closed-loop system.
With more than 13 million clients and over $50 billion in assets, SoFi is positioning itself as a serious bridge between traditional banking and digital assets. As the company put it:
“As the first national chartered bank where individuals can buy, sell and hold crypto, we’re helping you manage your SOL right in the SoFi app. Start now!”
Previously, most banking platforms that offered digital assets kept everything inside their own ecosystem, you could buy, but not transfer in. Now, anyone holding SOL in wallets like Exodus or Coinbase Wallet can send it directly into their SoFi account using the Solana network.
Beyond trading, SoFi is also acting as a custodian for SOL holders. Instead of leaving tokens on exchanges, users can store them with an FDIC-insured institution, a move that could appeal to more risk-averse investors.
The timing isn’t random. The bank recently reported $1 billion in quarterly revenue, up 37% year-over-year, after relaunching its digital asset services. It has also expanded into blockchain-powered cross-border payments, targeting the trillion-dollar remittance market.
Meanwhile, traditional finance is watching closely. Morgan Stanley has applied for a national trust bank charter that would allow it to offer digital asset custody and staking services for wealthy clients. The firm has also increased exposure to Solana-related products, including ETFs and treasury holdings.
Not everyone is on board. Banking lobby groups have pushed back against deeper integration between banks and digital assets. But industry advocates argue innovation shouldn’t be blocked.
As Blockchain Association CEO Summer Mersinger put it:
“It’s disappointing that the Bank Policy Institute predictably continues to resist competition and innovation in financial services. Rather than defending the status quo, it’s time to drain the regulatory moat that protects traditional finance from new entrants.”
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
