SoFi Launches Zero-Fee Crypto Trading for Bitcoin, Ether, Litecoin
Following a partnership with Coinbase in February 2019, SoFi is introducing zero-fee crypto trading on its SoFi Invest platform.
California-based financial firm SoFi has added zero-fee cryptocurrency trading to its platform SoFi Invest.
According to an official announcement on Sept. 25, crypto trading on SoFi Invest joins the list of previously introduced trading of stocks and exchange-traded funds.
SoFi Invest now offers clients to buy 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.
Increased demand for crypto from clients
To welcome new crypto users on 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 to trade crypto from its customers. Noto said in the announcement:
“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.”
Partnership with Coinbase
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 a report by Fortune, SoFi will obtain cryptocurrencies to fulfill its customer orders from Coinbase. To date, SoFi Invest reportedly has more than 100,000 users, while 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.