Popular financial company SoFi has recently announced the incorporation of cryptocurrency trading to its list of services.
According to the official announcement, the platform will be launched on Tuesday and will include Bitcoin, Litecoin and Ethereum.
CEO of SoFi, Anthony Noto pointed out that he decided to create a crypto trading platform after obtaining user feedback.
In his words: “Feedback from our members has made it clear that a significant percentage are not only interested in learning more about cryptocurrencies but are also already buying and selling crypto […] We’re very pleased to be adding this new product to SoFi Invest, as access, education, and keeping costs low for our members is at the heart of what we do.”
SoFi currently has over 800,000 members. Next week the company will become the first platform to enable automated and active investments. However, the company isn’t new to the investment world. Its previous investment services include student loans, stocks and ETFs.
In spite of such a wide array of services, not all of them are fully successful. Last year, the company had to let go of about 7% of its workforce. However, Noto believes that opening its doors to cryptocurrencies will give the company the break it so desires.
To welcome new users, SoFi will be offering $25 to anyone who signs up and purchases crypto worth at least $10. This offer will run through to Dec. 31, 2019.
The launch got positive feedback from Twitter users.
Nice product, tried it today. You actually have lower fees than Coinbase for small buys, even though you are going through Coinbase!
— Richard Raizes (@richardraizes) September 25, 2019
SoFi and Coinbase
SoFi first disclosed plans to go into cryptocurrency trading in February in a partnership announcement with Coinbase. The partnership aims at harnessing support for its proposed crypto trading platform.
A report by Fortune revealed that Coinbase will provide all cryptocurrencies needed by SoFi. Yet, residents of New York and New Jersey as well as a few other states in the US will not enjoy the services. This is due to regulatory issues.
This isn’t the first time users from New York, New Jersey, and some other US states do not gain access to crypto platforms because of regulation. Last week, Binance.US was launched, the exchange also restricted users from these two states.