SoFi CEO Anthony Noto visited the studios of CNBC today and during his interview he announced that SoFi will now allow its users to purchase and trade cryptocurrencies. Specifically, Bitcoin, Litecoin and Ethereum – three of the most popular virtual currencies.
Noto stated, “cryptocurrency was the number one, incremental product, investors wanted on the platform,” while noting that cryptocurrencies are a very volatile asset class. Noto admitted being an investor in Bitcoin sharing he started to purchase BTC in 2016.
SoFi currently offers a broad portfolio of Fintech services including online lending, such as student loans and mortgages. SoFi also facilitates investing in other securities such as ETFs and stocks. Robo-investing is available too. The company begin its existence as a student loan refi platform.
In a blog post, SoFi stated:
“… we’ve added crypto trading to our fast-growing SoFi Invest platform, as a response to demand from you! SoFi Invest is now the first platform to offer automated and active investing with stocks, ETFs, and crypto through a single app. You can easily buy and sell several cryptocurrencies with straightforward, competitive commissions and no account minimums, as well as track the price movements of the world’s most widely-traded digital assets, with more cryptocurrencies to be added in the coming months. And rest assured, we secure all crypto holdings from fraud and theft.”
Noto said SoFi is very pleased to be adding the new product to SoFi.
“… access, education, and keeping costs low for our members is at the heart of what we do.”
A promotional offer is available today where SoFi will give you $25 in Bitcoin on your first $10 trade.
SoFi is one of the most successful Fintechs in the US. The platform has emerged as a viable stealth bank providing many services that traditional banks offer while not becoming a federally chartered bank.