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Laxman Pai, Opalesque Asia: The San Francisco-based online finance start-up SoFi plans to offer cryptocurrency trading to its customers in the second quarter of this year.
The $4bn fintech also announced the launch of its savings and investing platforms, SoFi Money and SoFi Invest.
Short for Social Finance, SoFi caters to young adults through a variety of financial products including lending.
According to CNBC, the financial startup is teaming up with Coinbase in order to allow users to not only check the prices of crypto but also buy and sell coins.
The cryptocurrency trading ability will be integrated into SoFi Invest, said the report.
However, SoFi hasn't said what cryptocurrencies the customers will actually be able to buy through the app. Coinbase is regulated on a state-by-state basis, which is why Ripple XRP is not currently available to Coinbase Pro users in New York.
A press release from SoFi quoted Anthony Noto, CEO, saying that: "When we talk with our members about what they want from a financial partner, they tell us they want to work with someone who rewards them for good choices, doesn't charge them fees, and makes it possible to do everything on your smartphone."
"That's what we've built with SoFi Money and SoFi Invest. Both are cornerstone products in making SoFi the only place you have to go to get your money right," he added. SoFi Money will offer a 2.25% APY account.
SoFi invest currently offers broker and "automatic" options. The...................... To view our full article Click here
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