SoFi Joins The Crypto World, Launching BTC, ETH, and LTC Trading
SoFi, the company that primarily focuses on refinancing student loans, has announced on September 25 that is has launched its Bitcoin, Ethereum, and Litecoin trading service.
SoFi joins the crypto world, partnering with Coinbase, which is the most popular US cryptocurrency exchange. All SoFi costumers (aside from those in NY and New Jersey) can buy, sell and trade crypto coins, without the need of setting up a crypto wallet.
SoFi’s primary target was student loans and mortgages, but it has also offered trading options like exchange-traded funds and stock shares. However, the interest in these has declined, said SoFi CEO Anthony Noto. The company even had to cut its staff down because of it. Ultimately, the best step forward is jumping into the digital currencies world.
Many SoFi Members Already Buy and Sell Crypto
Another factor for SoFi’s decision to add crypto coins to their services was the increased interest in crypto trading and their customer base actually demanding it. In a press release on the official SoFi website, SoFi CEO Anthony Noto stated:
“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 announced their move last February on CNBC, even before BTC price went up after many months of bearish behavior. Since the announcement, Bitcoin and other altcoins have seen many ups and downs, with BTC even going as high as $13,000 at the beginning of this summer.
Currently, Bitcoin is not doing well at all, crashing from $10,000 to $8,000 in just a few hours. While Noto agreed that investors and costumers are looking forward to crypto trading, SoFi’s launch had a bad timing.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.