SoFi, a San Francisco-based online lender, is teaming up with Coinbase to start offering cryptocurrency trading capabilities. The new venture will allow SoFi customers to check the prices of cryptocurrencies and buy the digital currency through the company’s website. A joint press release stated the new capability will be available to customers by the end of June.
The former chief operating officer of Twitter, Anthony Noto, joined SoFi last year as the company’s new chief executive officer. He declined to say which currencies would be available to buy on the new platform, but he did state that whatever digital coins are available to buy and sell will be enabled through Coinbase, which is the worlds most popular digital currency trading platform.
SoFi invest, which became available to customers earlier this year, is the platform customers can use to buy and sell cryptocurrencies. The company also has a new banking platform called SoFi Money. Here customers can open cash accounts with an annual percentage rate of 2.25 percent. SoFi is one of the many online lenders competing for cash accounts from customers. The company will also offer two exchange-traded funds (ETFs) by the end of the year.
Founded in 2011, SoFi (short for social finance) started as an online platform for millennials who wanted to refinance their student loans. Today, the company offers an array of lending products including mortgage lending, wealth management and mortgage refinances. The company also offers debit, money transfer and payment services.
The move comes in the wake of a rapid decline in the price of digital currencies. Bitcoin is down more than 80 percent since its peak of $20,000 per coin in late 2017. According to SoFi, the volatility of cryptocurrencies presents new opportunities for customers who believe in the long-term viability of blockchain, which is the technology that allows the buying and selling of digital currencies.
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