The California-based online financial company SoFi plans to cooperate with Coinbase to launch cryptocurrency trading on its platform in Q2 of 2019.
Social Finance Inc., abbreviated as SoFi, plans to add a new feature to its platform – cryptocurrency trading, to allow its customers buy and sell crypto anywhere they want. This function will be backed by Coinbase exchange, one of the biggest crypto exchanges in the world with its value of $8 billion. The date of the launch is still unknown, but supposedly it will come out in Q2 of 2019.
According to the CEO of SoFi, Anthony Noto, people nowadays are willing to know more about crypto, in particular, its rate. He stated:
“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.”
Unfortunately, he did not mention the details of available digital coins, but their transactions will be conducted by Coinbase, it also provides the ability to follow prices, buy or sell digital assets.
Crypto trading will be led by SoFi Invest, while SoFi Money will enable an Annual Percentage Yield (APY) cash account with no fees. The former is a newly-opened branch of SoFi which provides different options. The branch allows users to trade shares from the app on their device. Moreover, there are no management and even transaction fees, yet, some fees involving trading stocks are still charged.
The SoFi company has also announced that they will not file for IPO this year, as it is not their biggest priority. Though in long-term perspective, an initial public offering is still on the roadmap. The current worth of SoFi is $4.4 billion with having raised about $1.9 billion up to now.
Coinbase itself has not made any official statements yet, therefore, we just have to wait and see. But for now, we remind you that at the end of the 2018, Coinbase transferred significant share of its funds onto a cold wallet, where the money is being stored safely.
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