Never heard of SoFi before, but after some research I found out it's a financial services company that started with providing student loans in 2011. It has annual revenue of $547M of which $126M is profit. Obviously the company changed a lot from a student loan company. Now it offers also mortgages, mortgage refinancing and personal loans, cash management accounts and an investment platform.
They never showed interest in cryptocurrencies before so this came as a big surprise. They are on a good path because BitLicense issued by New York State Department of Financial Services has some weight. Only 15 or so companies obtained the license, for example Coinbase, Bitstamp, Xapo, Robinhood, Circle.
They never showed interest in cryptocurrencies before so this came as a big surprise. They are on a good path because BitLicense issued by New York State Department of Financial Services has some weight. Only 15 or so companies obtained the license, for example Coinbase, Bitstamp, Xapo, Robinhood, Circle.
This can be making SoFi a big player soon in the world of cryptocurrency if they are making sure that no stone is upturned especially in marketing to the targeted people the services they are offering. Considering that SoFi is already a successful platform, there is a big probability they can also be doing good in cryptocurrency. We need more players in the marketplace that will hopefully help a lot for the dreamed massive adoption of cryptocurrency. I understand that it is not that easy to obtain a BitLicense in New York and so getting one a good amount of vetting process has been hurdled with.
