SoFi launches cryptocurrency trading in collaboration with Coinbase. New service for the well-known American startup.
The online financial start-up SoFi it is moving decisively towards the cryptocurrency sector. The San Francisco-based company has announced plans to allow users to purchase digital currencies through a partnership with the popular exchange Coinbase. The official launch of the service will take place within the second quarter of this year.
"Our audience wants to see what the price of cryptocurrency is and buy it"SoFi CEO Anthony Noto told a group of reporters at the New York offices. "They want to do it and in many cases they are already doing it"- he then continued.
Noto, a former CEO of Twitter and a former CEO of Goldman Sachs, joined SoFi last January. He declined to specify which digital coins will be available in the first phase, but he specified that the purchase, sale and price control of any cryptocurrency will be made possible by a partnership with the popular Coinbase trading platform. Also Fidelity has a similar agreement with Coinbase, with users who can view the balances of digital assets as part of their portfolio. However, Fidelity does not offer the possibility of buying or selling digital coins.
Cryptocurrency trading will be available under the umbrella of SoFi Invest, which became operational earlier this month. sofimoney, another new branch of the company which became operational on Tuesday, will offer an account to its customers. The company also plans to launch its mortgage product, while for the time being it has not been specified whether or not there will be an initial public offering, with Noto merely stating that "it is not a priority" for this 'year.