Dogecoin: ‘Much Coins, So Excite, WOW’
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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Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.
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