So Fi has announced that it will be adding bitcoin, Litecoin and Ethereum to its investing platform now that it’s joining hands with Coinbase, arguably the biggest and most popular cryptocurrency trading platform in the United States. People will now be able to participate in exchange-traded funds (ETFs), stock trades and cryptocurrency transactions through one company.
So Fi Is Growing Like Crazy
Approximately 40 different coins are available for purchase and trade via So Fi, and customers can trade as much as $50,000 per day. These and other services will now be available to customers situated in 36 different states.
Alex Adelman, CEO of the bitcoin rewards app Lolli, says that the move is a milestone in the crypto industry given that more and more people are demanding services related to digital assets. He states:
Users not currently demanding it will have easier access because they’re already using these services. It’s a big deal for the industry because [users of] these apps that are used by millions of people already as investment tools are going to see bitcoin and other digital assets alongside the stocks and assets they already know… Investments feel a little scary to a lot of people and many wouldn’t consider themselves investors, so the more touchpoints people have with digital assets that make them feel similar to the things they’re already doing, the simpler it is to get into bitcoin.
At press time, So Fi has roughly 800,000 users – a considerably smaller number when compared to the customers of companies like Robinhood and Square – but its name is about to get much bigger. Recently, the company bought the naming rights to the Los Angeles stadium. The edifice will be renamed “So Fi Stadium” and will host the Super Bowl in 2022.
More Trading Is Becoming the Norm
Bill Barhydt, CEO of the cryptocurrency wallet app Abra, believes that So Fi will really make a name for itself outside the U.S., where crypto use is becoming far more mainstream thanks to a lack of financial infrastructure in most third world or developing nations. He also says that crypto investing is becoming far less intimidating given two specific “camps” he sees emerging from U.S. investors. He comments:
There’s the millennial camp, which says this is a great hedge against the dumb stuff governments do to erode my future wealth and investments and that crypto represents a good, long-term opportunity as a hedge against those things. Then, there’s the older perspective from baby boomer investor types, who might agree with that, but are just interested in getting outside investment returns.
He’s confident that in time, banks will be forced to lose all their inhibitions regarding crypto and blockchain and will have no choice but to jump aboard the digital asset bandwagon.