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The Economic Times
The Economic Times
Business

SoFi targets idle crypto cash with interest-bearing tokenized deposit

SOFI Crypto Federal Deposit Insurance Corporation SoFi Technologies Anthony Noto Insurance

SoFi Technologies on Thursday launched a "tokenized deposit" product that lets customers earn interest on cash set aside for crypto purchases, while offering protections similar to those of a traditional bank deposit.

Cash held in a SoFi Earn account will generate 4.2% annual interest and be insured by the Federal Deposit Insurance Corporation, which protects eligible deposits of up to $250,000 per depositor if a bank fails.

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