SoFi, an online lending platform for millennials, will allow its clients to buy cryptocurrencies through an alliance with Coinbase as of the second quarter of the year.
On this alliance, Anthony Noto, CEO of SoFi, commented to the publication:
“Our target audience wants to know the price of cryptocurrencies and buy them. They have the desire to do this and in many cases, they have already done it “.
In this sense, SoFi did not clearly specify which cryptocurrencies will be available to be acquired in the platform once the operations of the platform begin, according to CNBC.
Tracking prices
In addition to allowing such purchases, this alliance will allow SoFi customers to track the prices of several cryptocurrencies in a similar way to the one that Coinbase offers to Fidelity Investments retail customers.
However, this offer to Fidelity retailers does not allow cryptocurrency trading, as Fidelity aims to launch its own platform for the exchange of digital assets for institutional clients at some point this year.
SoFi was founded in 2011 with the goal of making it easier for students to pay for college through loans offered by other students.
Peer-to-peer finance
In this sense, the basis of this platform is peer-to-peer finance. The company subsequently ventured into the world of mortgages and investment products.
Coinbase, on the other hand, continues adding functions and expanding its operations this year, consolidating itself as the main cryptocurrency exchange platform in the United States.
It is also important to note that, for the moment, both Coinbase and SoFi have refused to answer questions to the press about their alliance.