SoFi Launches New Feature for Investing in Crypto with Zero Fees

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Alex Dovbnya

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SoFi now allows customers with recurring deposits to buy crypto with zero fees

San Francisco-based online personal finance company SoFi rolled out a new feature that allows its users to invest a portion of their recurring deposits into a wide selection of cryptocurrencies without paying any fees, the company announced Tuesday.

The owners of the company’s checking and savings accounts are able to choose between 30 different coins offered.

In his statement, SoFi CEO Anthony Noto claims that the company has experienced a twofold increase in the number of customers who choose recurring cryptocurrency purchases.

SoFi, which was originally founded as a student loan start-up back in 2011, has since expanded its offering with a vast array of financial services.

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In September 2019, it launched cryptocurrency trading, initially adding support for three cryptocurrencies (Bitcoin, Litecoin and Ethereum) due to strong demand.

Last June, the company went public after agreeing to a deal with a special purpose acquisition company helmed by controversial billionaire Chamath Palihapitiya.

In late January, SoFi was also given the greenlight by federal regulators to implement its ambitious goal of becoming a national bank. Noto described that achievement as an “incredible” milestone.

However, the SoFi Bank entity has been explicitly prohibited from touching cryptocurrencies by the U.S. Office of the Comptroller of the Currency (OCC).

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