SoFi Launches Zero-Fee Crypto Trading for Bitcoin, Ether, Litecoin

SoFi Launches Zero-Fee Crypto Trading for Bitcoin, Ether, Litecoin

California-based financial firm SoFi has added zero-fee trading to its platform SoFi Invest.
According to an official announcement on Sept. 25, trading on SoFi Invest joins the list of previously introduced trading of stocks and exchange-traded funds.
SoFi Invest now offers clients to buy three major cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and Litecoin (LTC), with the firm claiming that users do not even need to set up a wallet, according to the platform’s website.
Increased demand for from clients
To welcome new users on its platform, SoFi also offers a $25 bonus for those who sign up for a SoFi “crypto entity” account and purchase at least $10 worth of any within seven days. The offer expires on Dec. 31, 2019, the firm noted.
SoFi CEO Anthony Noto emphasized that the company’s move was primarily triggered by the increased demand to trade from its customers. Noto said in the announcement:
“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 […] We’re very pleased to be adding this new product to SoFi Invest, as access, education, and keeping costs low for our members is at the heart of what we do.”
Partnership with Coinbase
SoFi’s plans to launch trading were first revealed in February 2019, when the company announced its partnership with major United States-based crypto exchange Coinbase to roll out crypto trading support. 
According to a report by Fortune, SoFi will obtain cryptocurrencies to fulfill its customer orders from Coinbase. To date, SoFi Invest reportedly has more than 100,000 users, while the trading option will initially not be available to some U.S. states, including New York and New Jersey, due to regulatory compliance issues.

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