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New York State Department Of Financial Services Grants Virtual Currency And Money Transmitter Licenses To SoFi Digital Assets, LLC

Date 03/12/2019

Financial Services Superintendent Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has approved the application of SoFi Digital Assets, LLC, a wholly owned subsidiary of Social Finance, Inc., for virtual currency and money transmitter licenses.

“DFS is committed to fostering innovation in New York’s vibrant virtual currency sector and ensuring its competitiveness as a market for new entrants,” said Superintendent Lacewell. “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.”

The two licenses will allow SoFi Digital Assets to offer its New York Customers the ability to buy and sell virtual currency. The company is authorized to support the virtual currencies Bitcoin, Bitcoin Cash, Ether, Ether Classic, LiteCoin, and Stellar Lumens.

“Putting our members’ interests first is our top priority at SoFi,” said Anthony Noto, CEO of 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 Department of Financial Services. 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.”

Since 2015, DFS has granted 24 virtual currency licenses or trust charters, including the virtual currency license being announced today.

Additional information regarding DFS’s regulation of New York’s virtual currency marketplace can be found here.