[2019-12-04] SoFi Obtains its BitLicense to Expose NY Customers to Cryptocurrenc

[jdebunt]

With this license in hand, the company can officially provide virtual currency and money transmitter services in the state of New York.

https://fintoism.com/cryptocurrency/sofi-obtains-its-bitlicense-to-expose-ny-customers-to-cryptocurrencies/

[Swordsoffreedom]

Never heard of SoFi before, but after some research I found out it's a financial services company that started with providing student loans in 2011. It has annual revenue of $547M of which $126M is profit. Obviously the company changed a lot from a student loan company. Now it offers also mortgages, mortgage refinancing and personal loans, cash management accounts and an investment platform.
They never showed interest in cryptocurrencies before so this came as a big surprise. They are on a good path because BitLicense issued by New York State Department of Financial Services has some weight. Only 15 or so companies obtained the license, for example Coinbase, Bitstamp, Xapo, Robinhood, Circle.

[figmentofmyass]

it's like robinhood---you can't actually deposit/withdraw cryptocurrency. you can only get "exposure" to the market:

Can I transfer my crypto holdings between my SoFi Invest account and an external wallet?

No, but there’s a reason why. We take security seriously at SoFi Invest and by having a closed system we can better secure your crypto assets. 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.

https://www.sofi.com/invest/buy-cryptocurrency/

Never heard of SoFi before, but after some research I found out it's a financial services company that started with providing student loans in 2011. It has annual revenue of $547M of which $126M is profit. Obviously the company changed a lot from a student loan company. Now it offers also mortgages, mortgage refinancing and personal loans, cash management accounts and an investment platform.

They never showed interest in cryptocurrencies before so this came as a big surprise.

they have a huge presence in the student/personal loan space. i actually almost applied for a grad school loan with them several years ago but found better rates elsewhere. it's interesting to see the direction they've moved in.....

[bbc.reporter]

Never heard of SoFi before, but after some research I found out it's a financial services company that started with providing student loans in 2011. It has annual revenue of $547M of which $126M is profit. Obviously the company changed a lot from a student loan company. Now it offers also mortgages, mortgage refinancing and personal loans, cash management accounts and an investment platform.
They never showed interest in cryptocurrencies before so this came as a big surprise. They are on a good path because BitLicense issued by New York State Department of Financial Services has some weight. Only 15 or so companies obtained the license, for example Coinbase, Bitstamp, Xapo, Robinhood, Circle.

However, how large is the cryptomarket in New York? I reckon it is not large enough for those exchanges you mentioned and Sofi hehe.

[CryptoBry]

Never heard of SoFi before, but after some research I found out it's a financial services company that started with providing student loans in 2011. It has annual revenue of $547M of which $126M is profit. Obviously the company changed a lot from a student loan company. Now it offers also mortgages, mortgage refinancing and personal loans, cash management accounts and an investment platform.
They never showed interest in cryptocurrencies before so this came as a big surprise. They are on a good path because BitLicense issued by New York State Department of Financial Services has some weight. Only 15 or so companies obtained the license, for example Coinbase, Bitstamp, Xapo, Robinhood, Circle.

This can be making SoFi a big player soon in the world of cryptocurrency if they are making sure that no stone is upturned especially in marketing to the targeted people the services they are offering. Considering that SoFi is already a successful platform, there is a big probability they can also be doing good in cryptocurrency. We need more players in the marketplace that will hopefully help a lot for the dreamed massive adoption of cryptocurrency. I understand that it is not that easy to obtain a BitLicense in New York and so getting one a good amount of vetting process has been hurdled with.