SoFi has obtained an official BitLicense to begin cryptocurrency trading. It is one of the select few companies to be granted this permission since the license was introduced many years ago.
New York regulators keep close tabs on companies engaging in cryptocurrency-related activities.
SoFi Receives its BitLicense
Any service provider willing to engage in this type of activity will need to obtain an official license, known as the BitLicense.
SoFi has received its official license from the New York State Department of Financial Services this week.
With this license in hand, the company can officially provide virtual currency and money transmitter services in the state of New York.
SoFi CEO Anthony Noto adds:
“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.”
Their core business grants customers exposure to various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
That functionality was only integrated this year following a partnership with Coinbase.