The New York State Department of Financial Services (NYDFS) has announced that Social Finance Inc. (SoFi) online personal finance company has now received a BitLicense. A press release from the NYDFS notes that the regulator has approved an application for SoFi Digital Assets, LLC.
SoFi is now fully authorized to trade digital currencies, and also offer money transmitter services. The company supports six cryptocurrencies including Bitcoin (BTC), Ether (ETH), Ethereum Classic (ETC), Stellar Lumens (XLM), Bitcoin Cash (BCH) and Litecoin (LTC).
The NYDFS Superintendent Linda Lacewell, has said that the regulator is interested in doing more for the sector in New York, hoping to attract more innovators. Lacewell said:
“DFS is committed to fostering innovation in New York’s vibrant virtual currency sector and ensuring its competitiveness as a market for new entrants. The Department’s approval of SoFi’s virtual currency and money transmitter licenses provides customers with more choices in a continuously evolving global financial services marketplace.”
SoFi CEO Anthony Noto has also said that the approval will help the company create better opportunities for investment, for its many customers.
“We’re thrilled to now be able to offer the trading of cryptocurrency, in addition to the full suite of SoFi products that help our members borrow, save, spend, invest, and protect their money.”
SoFi is now the 24th firm that has received a license from the NYDFS, to handle virtual currencies. Fidelity Investments received approval in November, as the 23rd firm.
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