SoFi has been granted a BitLicense by New York regulators, paving the way for online lender to offer cryptocurrency trading services in the state.
The New York State Department of Financial Services has approved SoFi Digital Assets' applications for virtual currency and money transmitter licenses. This means the firm can offer its New York customers the ability to buy and sell Bitcoin, Bitcoin Cash, Ether, Ether Classic, LiteCoin, and Stellar Lumens.
SoFi started life as a student loan financing outfit but has been gradually expanding its range of services. Earlier this year it teamed up with Coinbase as it moved to add the ability to trade cryptocurrencies within the overall SoFi Invest platform.
Anthony Noto, CEO, SoFi, says: "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."