SoFi, the consumer finance and wealth management startup, has begun rolling out a beta version of its cryptocurrency trading service to current members with three initial assets: bitcoin, litecoin, and ether. The firm is partnering with Coinbase to complete trades.
Cryptocurrency trading through SoFi Invest will be available in 36 states including Alabama, California, and Ohio. New York residents will not be able to trade cryptocurrency on the platform at this time. According to SoFi, users will also not be able to withdraw their cryptocurrencies to an external wallet.
The company states that “by having a closed system we can better secure your crypto assets” and that “in the future, we may consider adding the ability to transfer crypto into or out of your SoFi Invest account, but it isn’t a planned feature at this time. Maximum orders on SoFi Invest will be limited to $50,000 per user per day.
SoFi announced its move into crypto in February, planning to offer cryptocurrency trading in the second quarter of 2019. Back then, CEO Anthony Noto told a group of reporters that “Our target audience wants to see what the price of cryptocurrency is and to buy it.”