New York State Department of Financial Services (NYDFS) has approved SoFi’s BitLicense application, allowing SoFi Invest customers in New York to trade cryptocurrencies on its platform through SoFi Digital Assets, LLC.
In response to requests from its members, SoFi launched the ability to trade cryptocurrencies in September of this year within the overall SoFi Invest platform. After a rigorous application process, SoFi can now provide its members in the state of New York a trusted, secure platform to trade crypto.
“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. 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.”
The state of New York uses a thorough, measured approach to review applicants for the BitLicense. The NYDFS ensures companies adhere to high standards of consumer protection, security, and fraud-prevention. “This approval is a testament to our ongoing commitment to earn the trust of regulators and stakeholders as we try to offer investors more choice for products and services across the country,” Noto said.
SoFi Invest, released to the public earlier this year, offers both automated (robo-advising) and active investing (trading) with no fees on stock trading or account minimums. The platform is the first of its kind to offer automated and active investing with stocks, ETFs and crypto through a single app.
Additional information about SoFi Invest can be found at https://www.sofi.com/invest/buy-cryptocurrency/.