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SoFi Technologies, the first nationally licensed bank in the United States, has enabled its customers to buy and sell cryptocurrencies such as Bitcoin and Ethereum. CEO Anthony Noto announced that SoFi plans to launch a fully dollar-backed stablecoin, SoFi USD. He called blockchain a transformative technology and emphasized that only banks can provide a secure and transparent model for digital assets.
What will happen to traditional exchanges if banks provide crypto services directly?