Report reaching our news desk today is that Coinbase is partnering with SoFi to launch cryptocurrency trading platform. Coinbase is among the top cryptocurrency trading platforms in the world and its popularity is expected to help SoFi get a firm footing in the industry.
SoFi and Coinbase Cryptocurrency Trading Platform
SoFi is an online lending startup that has in the last several months gained massive traction and the management team wants to keep the momentum going by venturing into cryptocurrency trading. The company has revealed that it wants to give clients an opportunity to not only check the prices of various digital currencies they are interested in but also buy them securely.
Reports indicate that the company is almost finalizing the deal with Coinbase and we might soon see a zero-fee So-Fi branded cryptocurrency trading platform before the end of this year as well as a credit card. This San Francisco based company has also hinted that customers will be able to purchase a wide array of cryptocurrencies through Coinbase, one of the most popular and legit exchange platforms.
The crypto services will be available to all SoFi clients by the end of the second quarter of this year 2019, but we will keep you posted on this in the coming weeks. In one of the recent interviews, SoFi CEO Anthony Noto confidently stated that the target customers the company wants to engage with is more interested in seeing the price of the cryptocurrency they are interested in and buying it on the spot.
However, when asked to specify the cryptocurrencies that will be available on the platform, he said that the list is not yet ready but will be soon. Coinbase will be instrumental in the deal as clients will be able to check the prices of the cryptocurrencies as well as the trends before making an investment. This will greatly help clients make informed decisions.
At the time of writing, Coinbase value is estimated to be $8 billion after the last funding round. Another company that is collaborating with Coinbase is Fidelity. Fidelity has a similar arrangement with the exchange, where its customers are able to view their digital currency balance as part of their portfolio. The only difference between the two is that the latter does not allow customers to sell or buy digital coins on their platform.
Cryptocurrency trading will be available to clients under SoFi invest, which was launched early this month. Another arm of this company is SoFi Money and it is expected to help the company expand its clientele base further. SoFi Money will provide 2.5% APY cash account to all customers at no fee.
The bottom line is that Coinbase is partnering with SoFi to launch a cryptocurrency trading platform that will help it scale up and venture fully into the crypto industry. Check out more cryptocurrency news and exchanges reviews here.