Social Finance Inc., also known as SoFi, a San Francisco, California-based online personal finance startup, as per a recent press release statement, on Tuesday, Feb. 26th 2019, announced that it is entering into a partnership agreement with Coinbase, a crypto exchange headquartered in San Francisco, California, in its bid to roll out crypto trading support.
The startup, making way into the cryptocurrency markets, is reportedly set to launch its crypto services by Q2 2019. According to Anthony Noto, CEO, Sofi, — former chief operating officer at Twitter and a managing director at Goldman Sachs — the startup’s targeted audience desires to know the cryptocurrency price and in many cases, they already are buying it.
Earlier this month, SoFi launched its new product called “SoFi Invest”, which will deal with all kinds of buying and selling transactions along with price monitoring of cryptocurrencies. The startup hasn’t disclosed the listed cryptocurrencies yet, although Noto proposed that even though the digital assets markets are in turbulence with Bitcoin BTC crashing down, losing over 80 percent of its value, since it peaked $20,000 at the end of 2017, SoFi’s customer seems interested in the crypto markets and see the volatility as a “two-sided coin”.
The startup was founded in 2011 with a focus on millennial or Gen z student-loan refinancing. The company has since expanded into multiple demographics such as personal and mortgage loans, mortgage refinances and wealth management services. In 2017, SoFi announced the acquisition of Zenbanx, a banking startup, which enabled it to offer services like debit, payments and money transfers.