SoFi will launch cryptocurrency trading in the second quarter of 2019.
for two index exchange traded funds that will waive management fees for the first year, encroaching on an a market dominated by Vanguard and BlackRock's iShares. Through SoFi Invest, the firm will also offer"active" investing with the help of a broker and automated, or"robo" advising.
The company is re-launching its home loans product March 1 and Noto said SoFi plans to offer a credit card in the back half of 2019. Later this year, it will also release joint accounts,"saving vaults," and round ups -- similar to Acorns' core product ---"to make SoFi money even more useful." As for an initial public offering, Noto said it's"not a priority" in 2019. But long-term, he said an IPO remains on the roadmap.refinancing. It has since expanded offerings to the demographic by offering personal and mortgage loans, mortgage refinances and wealth management services. It acquired banking start-up Zenbanx in 2017, enabling it to offer debit, payments and money transfers.
The start-up was last valued at $4.4 billion and has raised $1.9 billion to date from names like SoftBank Capital and Peter Thiel, according to data from PitchBook. SoFi's move into cryptocurrency comes as the price of bitcoin and other digital assets have come crashing down. Bitcoin has lost more than 80 percent of its value since skyrocketting to almost $20,000 at the end of 2017. Still, Noto said SoFi customers are interested and could see the volatility as"two-sided coin."
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