SoFi Investments, an investment firm that has invested in some of the biggest technology companies in the world, has been given the go-ahead to launch a new cryptocurrency, soficoin, as an alternative investment vehicle.
The firm has teamed up with a group of Australian venture capital firms to invest in SoFicoin, which is based on Ethereum blockchain technology.
“SoFi is excited to launch the first publicly listed cryptocurrency and we are proud to partner with these new investors,” said SoFi CEO and founder of SoFi Labs, Dr. Robert Wainwright.
“We believe the technology behind Ethereum and the ecosystem around it can help enable a new generation of investment opportunities, including for small-scale businesses and institutions.”
As SoFi invests in technology companies that are already taking advantage of the blockchain, it will give them an immediate benefit from this opportunity.
“SoFi has already invested in a number of companies, including Google, IBM and Amazon, and has been instrumental in driving interest in blockchain technology among Australian investors.
The SoFi Coin Project, which seeks to develop a platform for the global community to participate in the creation of an open and transparent platform for cryptocurrencies, will initially operate as an open-source project.
It will eventually become an official cryptocurrency, as well.
According to Dr. Wainwrights goal, soficoin will provide an opportunity for investors to participate and contribute to the development of a cryptocurrency.”
To date, we have raised over $6 million in venture capital funding, including over $1 million from Google Ventures, $500,000 from the Bill & Melinda Gates Foundation and over $100,000 by the UK Government.
“With the launch of SofiCoin, we want to create a new funding vehicle for cryptocurrency developers and start-ups.
SoficCoin will help build a blockchain ecosystem for the future and give investors a new opportunity to gain exposure to a promising new technology.”
According to the SoFi website, the company plans to launch its SoFiCoin exchange in the next few weeks.
The company also has plans to open up a trading platform for its coin to allow for institutional investors to invest and trade sofics cryptocurrency.
SoFi will be offering the token as an incentive to investors.
SoFi will provide a 5% discount on SoFi coin purchases, according to the website.
The price will be capped at $1,000 per day for the first month.
Soficoin is expected to trade on the Sofi exchange in Australia, Canada, Hong Kong and the United States.