SoFi intends to partner with Coinbase to offer the ability to purchase cryptocurrencies sometime in Q2, according to CNBC. In an announcement made in its New York offices, SoFi CEO Anthony Noto told a group of reporters, "Our target audience wants to see what the price of cryptocurrency is and to buy it."
Noto later declined to comment on which assets would initially be available for purchase.
The announcement follows a recent move by the firm to allow customers to trade stocks and ETFs without fees, as well as stating its intention to launch new lending products such as credit cards in 2H19.
The move comes at a time when competition for deposits via upstart fintech companies continues to reach new heights, with Robinhood, Wealthfront, and Acorns all expanding checking, savings, and low-cost investment product offerings.