Blockchain Progress News & Updates

Breaking: A Huge Step for the Adoption of Crypto!

In a few months, SoFi Invest users will be able to buy #cryptocurrencies through a #partnership with #Coinbase.

Short for Social #Finance, SoFi caters to young adults through a variety of #financial products including lending. #SoFi Invest was launched earlier this month. In addition to #announcing the new #partnership, SoFi announced the #launch of SoFi Money today. SoFi Money will offer a 2.25% #APY account, CNBC reports.

SoFi invest currently offers #broker and “automatic” options. They call the broker #option “active” investment. The #company enables #users to easily trade stocks from the comfort of their #mobile device. They charge no “#transaction and #management fees.” There are still fees involved with trading #stocks.

SOFI MOVES INTO EVERYTHING FROM #CRYPTO TO #SAVINGS

Rapidly #expanding, the company is launching several other #products this year. One of their #products will feature the “auto-saving” option that is the core of the #Acorns business model.

Twitter veteran (a former #COO) and SoFi CEO #AnthonyNoto said:

Our target #audience wants to see what the price of #cryptocurrency is, and to buy it. They have a #desire to do that and in many cases they already are.

SoFi hasn’t said what #cryptocurrencies the #customers will actually be able to buy through the app. Coinbase is regulated on a #state-by-state basis, which is why#Ripple #XRP is not currently available to #Coinbase Pro users in #New York.

Anthony Noto is hoping to make it easier for# SoFi users to buy #bitcoin instantly. | Source: Drew Angerer/Getty Images/AFP

Currently worth $4.4 billion, SoFi’s #CEO said the company will not be filing for an #initial #public offering this year.

#Coinbase itself has made no official #announcement about the SoFi #partnership, and no representative of the firm spoke to #CNBC.

With the addition of SoFi #Invest, SoFi is entering the arena with #Robinhood, which recently tried and failed to offer bank #accounts. #Robinhood very much wanted to enter the space that #SoFi already operates in but failed to get the proper #regulatory #approval. The 3% APY #checking and #savings accounts offered by Robinhood saw massive public interest, but regulators expressed #concerns.

PROSPECTS FOR NEW #CRYPTO USERS BETTER THAN EVER IN 2019

#Mobile users will have more ways than ever to buy and hold #cryptocurrencies in #2019. The “ease of adoption” factor has diminished rapidly since the bull run of #2017. However, the actual #demand for #cryptocurrencies in daily life remains a key issue.

There aren’t a ton of #places to spend #cryptos in real life, and the prospects don’t look any better. This is due in part to the #nightmare that is accepting #cryptocurrencies for #merchants. Simply accepting them is only the first step. A number of other issues arise, including dealing with tax accounting and successfully processing# payments. FIO Protocol and others are #actively working on improving this #experience but may be years away from #solutions that #genuinely help #merchants.

Nevertheless, the easier it is to buy and hold #cryptocurrencies, the better the #adoption rate will grow when #interest #returns to the crypto #space.

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