Dogecoin: ‘Much Coins, So Excite, WOW’

By SoFi | Jun 09, 2021 | invest, SoFi News | Comments Off

Time in fintech moves fast — like dog-years fast. If you remember, back in February, we weren’t so sure about Dogecoin for trading on SoFi Invest, given concerns about availability with our partners, network stability, and acceptance, among other things. But since then, we have re-evaluated the coin, which has evolved in significant ways.

Long story short: We heard you, and we are excited to now offer Dogecoin on SoFi Invest.

So what’s changed since February? We’ve broadened our selection to 15 new coins, all while continuing to evaluate adding others like Doge.

• It was previously more difficult to offer Dogecoin because our custody and trading partner, Coinbase, was not trading Doge. That has since changed , and streamlined the process for SoFi offering it as well.

• Dogecoin’s market cap and liquidity have increased dramatically since then, now positioning it as a top-5 cryptocurrency by market cap.

• The developer community and network stability have improved.

• Merchant acceptance of Dogecoin as payment has risen, including by the Dallas Mavericks and others .

• The response to the additional coins has been phenomenal. Dogecoin was the next logical coin for us to evaluate based on what our member community requested.

• And we DID say that we are always evaluating the possibility of adding additional cryptocurrencies.

We mention this anytime we’re talking about cryptocurrency, but while our goal is always offer a diverse array of investment products for different financial goals and risk tolerances, cryptocurrency (as well as other riskier assets) can be extremely volatile and should represent only a slice of a diversified portfolio. You should ensure that your personal risk tolerance is aligned with an asset with those characteristics. Please be sure to check out our Crypto Guide for Beginners or our rundown on the different types of cryptocurrencies.

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Cryptocurrency and other digital assets are highly speculative, involve significant risk, and may result in the complete loss of value. Cryptocurrency and other digital assets are not deposits, are not insured by the FDIC or SIPC, are not bank guaranteed, and may lose value.

All cryptocurrency transactions, once submitted to the blockchain, are final and irreversible. SoFi is not responsible for any failure or delay in processing a transaction resulting from factors beyond its reasonable control, including blockchain network congestion, protocol or network operations, or incorrect address information. Availability of specific digital assets, features, and services is subject to change and may be limited by applicable law and regulation.

SoFi Crypto products and services are offered by SoFi Bank, N.A., a national bank regulated by the Office of the Comptroller of the Currency. SoFi Bank does not provide investment, tax, or legal advice. Please refer to the SoFi Crypto account agreement for additional terms and conditions.

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