Coinbase Collaborates With SoFi To Facilitate Crypto Trading

By Rishma Banerjee

As per recent reports, Coinbase, the San Francisco-based digital asset exchange, Coinbase has collaborated with SoFi, which is an Internet-based lending firm in order to facilitate a cryptocurrency investment service. CNBC reports that Coinbase’s management is all set to assist SoFi to launch a platform that will allow users to check crypto prices in real-time as well as buy and sell coins. The announcement also clarified that the digital asset trading service will be incorporated into the existing SoFi Invest platform, that was introduced this month. No information, however, has been revealed about which cryptocurrency trading pairs will be listed by the SoFi platform.

When asked about the joint initiative, the CEO of SoFi, Anthony Noto said,

Our target audience wants to see what the price of cryptocurrency is, and to buy it … They have a desire to do that and in many cases they already are.

Noto is the former managing director at Goldman Sachs, held the chief operating officer position at Twitter, and has since joined SoFi in January 2018. SoFi, which was established in 2011, focuses on assisting customers in refinancing their student loans and recently expanded its services to offer crypto-related financial products. Short for Social Finance, SoFi is meant mainly for young adults so that they can access a variety of financial products including lending. In addition to announcing the new partnership, SoFi announced the launch of SoFi Money today. SoFi Money will offer a 2.25% APY account. Moreover, they have also launched the system of an Annual Percentage Yield account for user deposits. It has also reportedly filed for two exchange-traded-funds, a credit card, and an initial public offering (IPO) in the longer term.

However, Coinbase has as of yet, not issued an official statement about the collaboration with SoFi, and no representative of the firm has revealed any details.