SoFi goes live with crypto trading service for its over 800K users

Cryptocurrency • September 25, 2019, 10:05AM EDT
The Block

Investment app provider SoFi has gone live with cryptocurrency trading service for its over 800,000 users, according to a press release shared with The Block on Wednesday.

SoFi users can initially buy and sell three cryptocurrencies - bitcoin (BTC), ether (ETH) and litecoin (LTC). The Block first reported the story last week, saying that the firm is beta testing the service in partnership with Coinbase.

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In today's announcement, SoFi said that the service is a result of growing demand from its users. “Feedback from our members has made it clear that a significant percentage are not only interested in learning more about cryptocurrencies but are also already buying and selling crypto,” said SoFi CEO Anthony Noto.

The service is being offered via a separate entity called SoFi Digital Assets, LLC. The minimum order size per transaction is $10, and the maximum order per day, per individual, is $50,000. Interestingly, the service is currently not available for New York residents.

SoFi said it will charge a markup of up to 1.25% on crypto transactions. “The markup is added to the market price from the exchange, and SoFi submits a market order trade."  SoFi will add more cryptocurrencies “in the coming months.” It currently also offers trading in stocks and exchange-traded funds (ETFs).

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.