SoFi tests cryptocurrency trading on its platform

Fintech-startup SoFi has announced the beginning of testing a service for trading cryptocurrencies on its platform. Users can trade in BTC, LTC and ETH.

To develop a new service, the company used the services of the American cryptocurrency exchange Coinbase. Citizens of 36 US states, including California, Alabama and Ohio, will be able to trade cryptocurrencies, but New Yorkers will not yet have access to the platform.

At the time of testing, the volume of orders that a user can place is limited to $ 50,000 per day. At the same time, the company disabled the ability to withdraw coins to third-party wallets. That is, users first need to get fiat funds on the SoFi platform and buy cryptocurrency in order to start trading.

“We think a closed system can provide a higher level of security. We can consider the possibility of transferring cryptocurrencies from external wallets to the SoFi platform, but not now, ”the company said.

It was previously reported that trading volumes on spot and futures cryptocurrency markets have declined markedly over the past two months. If in June the trading volume on “full-fledged” cryptocurrency exchanges amounted to $ 111 billion, then in August this figure fell by half – to $ 55 billion.