The online financing firm SoFi recently announced that it would to move into the cryptocurrency trading market.
The San Francisco based company, which is famous for its online financing products such as student loans, personal loans, and mortgage loans, mentioned that the cryptocurrency trading option will be available in association with Coinbase, a popular cryptocurrency exchange.
While SoFi did not specify which cryptocurrencies will be able for buying, selling and price-checking through its platform, it did state that the service will be available under the brand of its “SoFi Invest” product.
SoFi Invest in its current form allows interested users to make use of trading without any fees across an array of products. Under the SoFi Invest name, users can also choose “Active Investing” if they want to handle their investments, or choose “Automated Investing” to delegate their portfolio activity. The product also allows access to SoFi’s exchange-traded funds (ETFs).
The product went live in February 2019. Launching cryptocurrency trading within a short period of its launch seems like SoFi is sweetening the deal for new users to sign up for the platform.
Speaking to CNBC, SoFi CEO Anthony Noto noted that some people see the loss of value and the potential rise in the future as a solid buying opportunity.
This move into cryptocurrency and larger markets comes after 8 years of SoFi’s launch. Established in 2011, the company had so far placed a specific focus on its original line of products that were based on conventional financial offerings.
But after former Twitter CFO and former Goldman Sachs managing director Noto joined the firm in January, it seems to have changed its approach rapidly.
Elaborating on why the company delved into cryptocurrency, Noto mentioned that the firm has noticed its customers’ growing interest in this segment, and their desire to make use of it. That is why SoFi has made the decision to make the products more accessible to its user base.
SoFi didn’t specify a set date for the launch of its cryptocurrency service, but it did mention that it will be launched by Q2 2019.
SoFi Moves Into Crypto
