Personal finance company SoFi secures BitLicense to offer crypto trading in New York

SoFi Digital Assets, a wholly-owned subsidiary of Social Finance – a U.S.-based online personal finance provider, has become the latest company to secure virtual currency and money transmitter licenses from the New York Department of Financial Services (NYDFS).

In a press release, the DFS said that SoFi is the 24th firm to receive BitLicense. This basically means that the company is authorized to provide its members in the state of New York a trusted, secure platform to trade crypto.

Earlier this year, Sofi launched an investment product, called Sofi Invest, which offers both automated (robo-advising) and active investing (trading) with no fees on stock trading or account minimums. In September, it added crypto trading to SoFi Invest, thereby offering automated and active investing with stocks, ETFs, and crypto through a single app.

With the latest approval from the NYDFS, SoFi said Sofi Invest customers in New York would now be able to trade cryptocurrencies on its platform through SoFi Digital Assets. The company is authorized to support the cryptocurrencies Bitcoin, Bitcoin Cash, Ether, Ether Classic, Litecoin, and Stellar Lumens.

“Putting our members’ interests first is our top priority at SoFi,” said Anthony Noto, CEO of SoFi. “That includes both offering individuals the products they want, like cryptocurrency within SoFi Invest, as well as protecting them, through a solid regulatory framework like that created by the New York State Department of Financial Services.”

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