New York regulator grants bitlicense to student loans app SoFI
- SoFi, a finance and lending start-up has been granted a license to transact Bitcoin and other cryptos.
- The regulator in New York has now granted its 24th BitLicense in the state.
New York’s Department of Financial Services has now issues its 24th BitLicense to an online finance and lending start-up SoFi, which authorizes the company to conduct cryptocurrency operations in the state.
Given the state’s approval, it now allows SoFi to provide its customers with the ability to buy and sell Bitcoin (BTC), alongside other virtual coins, for U.S. dollars and vice versa. SoFi can now transact Bitcoin, Bitcoin Cash, Ether, Ether Classic, Litecoin, and Stellar Lumens, in addition to others it may add in the future.
The statement from the regulator noted:
“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,” the regulator said in a statement
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
