SoFi Becomes First Bank to Support Direct Solana Deposits

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• SoFi has become the first chartered US bank to support deposits on the Solana network.
• The integration allows over 13 million customers to send SOL directly to their SoFi crypto accounts from external wallets.

SoFi, a chartered and FDIC-insured US digital bank serving 13.7 million clients, has become the first American lender to allow direct deposits on the Solana network. Announcing the integration, the bank revealed that it’s seeking to make investing in crypto as simple as possible for its clients, stating:

“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!”

SoFi users can now manage their crypto balances on the same platform they use for checking and savings accounts. Those who own SOL in external wallets like Exodus or the Coinbase Wallet can transfer it directly into their SoFi account using the Solana network. Previously, banking platforms that support crypto only allowed users to purchase the tokens within their enclosed ecosystems, but never to deposit directly.

SoFi has also opened its platform to act as a custodian for SOL holders. Rather than leaving the tokens on a crypto exchange or wallet, they can transfer them to SoFi, which is insured by the FDIC.

Crypto Going Mainstream

SoFi has grown into a mid-sized US bank with over $50 billion in assets, despite being a digital-only platform. The bank started as a student loan refinancing fintech startup known as Social Finance, where university alumni could provide financing for current students.

Crypto has become an important part of SoFi. In Q4 last year, it recorded $1 billion in revenue, a 37% year-on-year increase. The rise coincided with the bank’s announcement that it had revived its crypto products mid-last year, two years after it discontinued the products in November 2023. Beyond crypto trading, the bank also launched blockchain cross-border payments to target the $1 trillion remittance market.

SoFi joins a long list of banking and financial institutions launching crypto products. On Friday, Wall Street giant Morgan Stanley was reported to have filed for a national trust bank charter, allowing it to offer digital assets custody. In its filing, the bank said the new entity would conduct crypto trading and facilitate staking for its high-net-worth and professional clients. It will be based in New York, but plans to offer the services nationwide.

Morgan Stanley recently revealed in regulatory filings that it has been stocking up on Solana, from shares in Solana treasuries to SOL ETFs, as CNF reported.

The charter application comes despite growing criticism by banking lobby groups against crypto’s infiltration of the sector. Last November, the Independent Community Bankers of America and the Bank Policy Institute urged US regulators to deny an application by Coinbase for a banking charter.

Defending crypto-banking tie-ups, the Blockchain Association’s CEO Summer Mersinger stated:

“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.”