SoFi, an online personal finance company that specializes in student and personal loan refinancing, is reportedly planning to launch crypto trading by the second quarter of 2019, as part of an ongoing push into wealth management and investing.
As teased in a blog post today and confirmed in a media roundtable, SoFi is looking to capitalize on clear client demand for access to the growing cryptocurrency market.
“Our target audience has a desire to be able to see what the price of cryptocurrency is and be able to buy cryptocurrency,” said Anthony Noto, SoFi’s CEO. “We put the member at the center of what we are doing and what they want to do to achieve their financial independence. That is why we are doing it. It is 100% because we know that it is something they want to do. And they are already doing, quite frankly.”
Noto declined to share what cryptocurrencies will be initially offered but did note that the firm may work with custody and clearing firm Apex Clearing. Noto also indicated in the past that SoFi was working with Coinbase to facilitate trading.
This news comes after reports last May first revealed that SoFi was planning to integrate cryptocurrency into its online wealth management offerings by 2019.
“We want to accelerate our investment in some new products,” Noto explained on CNBC’s Power Lunch at that time “One of which is our wealth products, and we want to add cryptocurrency to that.”
The blog post also mentions that SoFi plans to launch four custom ETFs in the next few months. The ETF page describes them as “growth-oriented investments for future-oriented investors.”
More: SoFi is jumping into crypto trading as the $4 billion fintech looks to become a financial hub for Main Street
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.