SoFi, the nation’s newly chartered bank, added 25 new cryptocurrencies to SoFi Invest in 2021. The company now touts “thirty available coins” on its website.
Despite calling crypto a growth product in the Q4 earnings call, there was no mention of it in the year-end investor presentation.
SoFi Invest competes with Robinhood. Touting that anyone can get started “with just $10,” the company advertises that the cool part about crypto is that it can be traded 24/7.
“Weekends, holidays, middle of the night-no time is off limits,” the company says.
The service is a profit center for SoFi, who charges a markup of up to 1.25% on crypto transactions. Users are not permitted to transfer their crypto to external wallet, however.
“We take security seriously at SoFi Invest and by having a closed system we can better secure your crypto assets,” the company’s website states. “In the future, we may consider adding the ability to transfer crypto into or out of your SoFi Invest account, but it isn’t a planned feature at this time.”