SoFi goes live with crypto trading service for its over 800K users

Investment app provider SoFi has gone live with cryptocurrency trading service for its over 800,000 users, according to a press release shared with The Block on Wednesday.

SoFi users can initially buy and sell three cryptocurrencies - bitcoin (BTC), ether (ETH) and litecoin (LTC). The Block first reported the story last week, saying that the firm is beta testing the service in partnership with Coinbase.

In today's announcement, SoFi said that the service is a result of growing demand from its users. “Feedback from our members has made it clear that a significant percentage are not only interested in learning more about cryptocurrencies but are also already buying and selling crypto,” said SoFi CEO Anthony Noto.

The service is being offered via a separate entity called SoFi Digital Assets, LLC. The minimum order size per transaction is $10, and the maximum order per day, per individual, is $50,000. Interestingly, the service is currently not available for New York residents.

SoFi said it will charge a markup of up to 1.25% on crypto transactions. “The markup is added to the market price from the exchange, and SoFi submits a market order trade."  SoFi will add more cryptocurrencies “in the coming months.” It currently also offers trading in stocks and exchange-traded funds (ETFs).