Online lender SoFi will launch its cryptocurrency exchange next week under the name SoFi Invest.
“SoFi Invest will officially be launched on first of October,” SoFi CEO Antony Noto told Fortune. The first trading items will include Bitcoin (BTC), which has just seen a price drop. As well as Etherium (ETH), and Litecoin (LTC)
The move will join the ranks of the exchange, which deals with digital assets, along with companies such as eToro and Robinhood.
“There has been a long-standing demand from customers to provide cryptocurrency trading services,” Noto said. “We’ve been trying to explain why the exchange was launched.”
The company plans to take advantage of the Millennial generation as a major customer through an integrated student loan service.
When the company first announced its plan to launch the bourse in February, SoFi said it would join hands with the cryptocurrency exchange Coinbase to secure cryptocurrency liquidity. The partnership with CoinBase will mostly enable Sophie customers to track changes in cryptocurrency prices as well.
Service will not be available in New York and New Jersey during the early days of the launch. However, SoFi Invest said it is in talks with regulators to provide services to the official exchange across 50 states in the U.S. within a month or two.
Apart from SoFi Invest: investment refund and SoFi Stadium
Meanwhile, recently SoFi had to refund investor after an unexpected tax hit. This is due to the company’s decision to replace Vanguard fund with proprietary ETFs in some portfolios SoFi’s robo-adviser managed. However it is still unclear if the refund is mandatory or a precautionary.
SoFi had also announced the upcoming 20-year deal with Los Angeles football stadium. The deal changed the stadium name into “SoFi Stadium”.
CNBC reported that the company will “become an official partner of both LA football teams, as well as a partner of the performance venue and surrounding entertainment district. SoFi did not disclose how much it paid for the naming rights, but Venues Now and Fox Business, which reported earlier this year that a deal was in discussion, said it was a $400 million price tag.”
