January 28, 2023

SoFi startup gets BitLicense to work in New York

California fintech startup SoFi has received BitLicense and a license to provide money transfer services from New York State Department of Financial Services (NYDFS).

According to the NYDFS statement, the purchase license,selling and issuing cryptocurrencies (BitLicense), as well as a license to provide money transfer services, will enable SoFi to offer cryptocurrency services to its customers in New York. The company is authorized to carry out operations with six crypto assets: BTC, ETH, BCH, ETC, LTC and XLM.

NYDFS CEO Linda Lacewell noted the department’s commitment to foster innovation in the cryptocurrency industry in New York.

“Issuing SoFi BitLicense and Licenses forthe provision of money transfer services provides consumers with more opportunities to choose in the ever-evolving global financial services market, ”she said.

SoFi CEO Anthony Noto said the decision to apply for BitLicense was a response to a customer request:

“Putting customer interests first isSoFi's top priority, which includes both providing individuals with the products they need and protecting customers through a regulatory framework similar to the one created by NYDFS. ”

In September, the startup announced the launch of a cryptocurrency trading service on its platform, which also responded to growing customer demand.