SoFi has secured approval from the New York State Department of Financial Services (DFS) for its BitLicense application to trade cryptocurrencies.

The DFS also granted money transmitter licence to the company.

Both licences will enable the company to trade virtual currency on its platform via SoFi Digital Assets. SoFi can buy and sell Bitcoin, Bitcoin Cash, Ether, Ether Classic, LiteCoin and Stellar Lumens in New York.

SoFi crypto trading

The company initially launched crypto trading in September this year within the SoFi Invest platform.

SoFi Invest provides automated and active investing without any fees on stock trading or account minimums. In addition to investing and crypto, the platform offers exchange-traded funds (ETFs).

SoFi CEO Anthony Noto said: “Putting our members’ interests first is our top priority at SoFi. That includes both offering individuals the products they want, like cryptocurrency within SoFi Invest, as well as protecting them, through a solid regulatory framework like that created by the New York State DFS.

“We’re thrilled to now be able to offer the trading of cryptocurrency, in addition to active and automated investing, as part of SoFi Invest in New York State, in addition to the full suite of SoFi products that help our members borrow, save, spend, invest, and protect their money.”

The DFS has granted 24 virtual currency licences or trust charters since 2015.

DFS superintendent Linda 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 consumers with more choices in a continuously evolving global financial services marketplace.”