SoFi Obtains BitLicense to Offer Crypto Trading Services in New York

California-based financial firm SoFi has acquired a BitLicense from the New York State Department of Financial Services, the regulator said in a statement on Dec. 3.

SoFi is now one of 24 crypto-related firms that have obtained a BitLicense since 2015, Bloomberg Law's crypto reporter Lydia Beyoud tweeted the same day.

Specifically, SoFi has acquired two licenses - a virtual currency license and a money transmitter license - that will allow SoFi Digital Assets to offer crypto trading services to its New York customers.

According to the announcement, the firm is authorized to support a total of six digital assets including Bitcoin, Ether, Bitcoin Cash, Ethereum Classic, Litecoin and Stellar.

NYDFS Superintendent Linda Lacewell noted the authority's commitment to fostering innovation in New York's crypto ecosystem, stating, "The Department's approval of SoFi's virtual currency and money transmitter licenses provides consumers with more choices in a continuously evolving global financial services marketplace."

"Putting our members' interests first is our top priority at SoFi That includes both offering individuals the products they want, like cryptocurrency within SoFi Invest, as well as protecting them, through a solid regulatory framework like that created by the NYDFS.".

The news comes after the company launched zero-fee cryptocurrency trading to its platform SoFi Invest in September.

Earlier this year, NYDFS granted a BitLicense to two subsidiaries of crypto derivatives firm Seed CX - Seed Digital Commodities Market LLC and Zero Hash LLC..