SoFi Invest obtains New York digital currency license (BitLicense)

Student loan and financial services provider SoFi has obtained its 24th New York Digital Currency License (BitLicense).

The New York Department of Financial Services said in a news release that it had approved two licenses for SoFi Digital Assets. This is a money transfer license and a virtual currency license.

Thus, the company will be able to offer New York residents buying and selling services for Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC) and Stellar (XLM).

SoFi Invest in partnership with Coinbase

In a statement, SoFi CEO Anthony Noto said the company is “pleased” to offer crypto trading services, “in addition to active and automated investments, as part of SoFi Invest in New York State.”

“The interests of our customers are our priority at SoFi. These include both providing the desired products, such as cryptocurrencies within SoFi Invest, and protecting them through a sound regulatory framework such as the one created by the New York State Department of Financial Services. ”

said Noto.

SoFi Invest began providing cryptocurrency services to customers in September this year through a partnership with Coinbase. At the time, the SoFi Invest platform only offered bitcoin, litecoin and ether.

BitLicense is a major business license for cryptocurrencies, with a number of harsh terms and conditions. These include rules for the operation of digital currencies, their control, administration, maintenance, storage and issuance, among others. Earlier this year, NYDFS granted BitLicense for two companies – Seed Digital Commodities Market LLC and Zero Hash LLC.