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SoFi To Partner With Coinbase To Launch Cryptocurrency Trading

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Online lending start-up SoFi is planning to launch cryptocurrency trading in a partnership with major cryto exchange Coinbase, CNBC reported. The San Francisco-based company said its users can buy digital currencies in the second quarter of this year.

The customers can check prices, buy and sell various cryptocurrencies under the umbrella of SoFi Invest, a new investment product that went live earlier this month. Meanwhile, there is no information regarding which all digital coins will be available for trading.

SoFi CEO Anthony Noto reportedly said, "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, who joined SoFi last January, is Twitter's former chief operating officer and a former managing director at Goldman Sachs. SoFi, short for social finance, was founded to provide student-loan refinancing.

SoFi very recently filed for two index exchange traded funds that will waive management fees for the first year.

The company also announced the general availability to the public of two new products, SoFi Money and SoFi Invest. They offer a mobile-first experience with no account or transaction fees and full SoFi member benefits. Deposits with SoFi Money are FDIC insured up to $1.5 million.

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