Online lending platform SoFi announced on Tuesday it is set to launch cryptocurrency trading through its new partnership with cryptocurrency platform Coinbase. According to CNBC, SoFi is planning to the crypto launch in the second quarter of 2019. While sharing some details about the launch, SoFi CEO Anthony Noto, stated:
“Our target audience wants to see what the price of cryptocurrency is, and to buy it. They have a desire to do that and in many cases they already are.”
Noto did not reveal which digital coins will be available through the SoFi platform. Along with the cryptocurrency plans, SoFi also announced on Tuesday the general availability to the public of two new products, SoFi Money and SoFi Invest, that help people save, spend, and invest. Noto explained:
“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.”
SoFi describes SoFi Money as a new, hybrid account offering high-yield interest (currently 2.25% APY), zero account fees, unlimited ATM fee reimbursements worldwide, and the ability to spend, pay, and save directly from the SoFi mobile app.
“SoFi Money features include free person-to-person (P2P) payments, electronic bill pay, mobile check deposits, debit card functionality, and mobile payment integrations. SoFi maintains industry-standard administrative, technical and physical safeguards to protect user information, and deposits with SoFi Money are FDIC insured up to $1.5 million.”
SoFi noted that SoFi Invest is a free consumer investing service that offers stocks, ETFs, and roboadvising, with no commissions or management fees.
“SoFi Invest offers both active (brokerage) and automated (robo) investing, as well as real-time, curated investing news. SoFi and Tidal ETF Services have filed with the U.S. Securities and Exchange Commission to offer SoFi-branded ETFs as part of the company’s broader investment offerings. The company also plans to offer cryptocurrency trading through SoFi Invest in the coming months.”