The New York State Department of Financial Services has granted SoFi Digital Assets a BitLicense to offer cryptocurrency trading services. The San Fransisco-based firm can now offer New York customers the ability to buy and sell Bitcoin, Bitcoin Cash, Ether, Ether Classic, LiteCoin, and Stellar Lumens.
In particular, SoFi has been granted two licenses; a virtual currency license (BitLicense) as well as a money transmitter license. The two licenses will allow SoFi to offer crypto trading services to its New York customers.
The firm, which started as a student loan refinancing services, launched digital currency trading back in September. A spokesperson of the Firm told media outlets that the licensing process for all 50 states was in progress the whole its crypto platform was being developed. It took more than a year. At the moment, the spokesperson stated, there are approximately 100,000 SoFi Invest accounts.
According to Anthony Noto, who is the CEO of SoFi:
“We’re thrilled to now be able to offer the trading of cryptocurrency, in addition to active and automated investing, as part of SoFi Invest in New York State, in addition to the full suite of SoFi products that help our members borrow, save, spend, invest, and protect their money.”
Moreover, NYDFS Superintendent Linda Lacewell reiterated the authority’s commitment to boost innovation in New York’s cryptocurrency sector. She said, “The Department’s approval of SoFi’s virtual currency and money transmitter licenses provides consumers with more choices in a continuously evolving global financial services marketplace.”
Zero Fee Cryptocurrency Trading
In addition, the news comes after the company introduced zero-fee cryptocurrency trading on SoFi Invest back in September. The firm has been in collaboration with American Cryptocurrency exchange platform Coinbase since February this year. It rolled out zero-fee trading services for BTC, ETH, and LTC.
In conclusion, the cryptocurrency offering joins other investment ventures such as stocks and ETFs on its SoFi Invest application.