California-based financial firm SoFi has added zero-fee cryptocurrency trading to its platform SoFi Invest. The trading platform will go live next Tuesday.
Crypto trading on SoFi Invest joins the list of previously introduced trading of stocks and exchange-traded funds. SoFi Invest now offers clients the opportunity of buying three major cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and Litecoin (LTC), with the firm claiming that users do not even need to set up a crypto wallet, according to the platform’s website.
With the new platform, SoFi joins a number of digital-first trading firms – including eToro and Robinhood – to enter the crypto market.
To welcome new crypto users to its platform, SoFi also offers a $25 bonus for those who sign up for a SoFi “crypto entity” account and purchase at least $10 worth of any cryptocurrency within seven days. The offer expires on Dec. 31, 2019, the firm noted. SoFi CEO Anthony Noto emphasized that the company’s move was primarily triggered by the increased demand from its customers.
“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,” Noto said in the announcement.
Noto further said that an option to trade cryptocurrency long been requested by his firm’s clients. The firm targets millennial investors through its student loan consolidation service.
SoFi’s plans to launch crypto trading were first revealed in February 2019, when the company announced its partnership with major United States-based crypto exchange Coinbase to roll out crypto trading support.
According to reports, SoFi will obtain cryptocurrencies from Coinbase to fulfill its customer orders. To date, SoFi Invest reportedly has acquired more than 100,000 users. The crypto trading option will initially not be available to some U.S. states, including New York and New Jersey, due to regulatory compliance issues.
Coinbase was tapped to provide the firm’s crypto liquidity, as previously announced in February. The partnership will also allow SoFi customers to track crypto price movements. The firm states it hopes to become registered in all 50 states within a few months, noting that trading will not be available in New York or New Jersey at launch.