SoFi Launches Interest-Bearing Tokenized Deposits for Crypto Cash
SoFi launched a product that lets customers earn interest on cash set aside for crypto purchases, with protections similar to a traditional bank deposit.
Story updates
12:00:27 PM UTC
SquawkNews
By Dean SealSoFi Technologies is rolling out a new product that works like a high-yield savings account for funds that can immediately be deployed for crypto purchases or transfers.The program, SoFi Earn, pays 4.4% interest on funds stored as federally insured deposits that are tokenized and instan…
12:01:14 PM UTC
SquawkNews
SoFi launched SoFi Earn (SOFIE), a national bank—issued tokenized deposit earning 4.40% APY, with funds FDIC-insured up to applicable limits and convertible 1:1 to SoFiUSD for crypto purchases or onchain transfers.Material DetailsContext by AI AnalystThis is an early-stage expansion of SoFi’s regul…