Bitcoin (BTC USD) Ethereum (ETH USD) Rewards Offered From SoFi Cash Back

Social Finance Inc. is edging deeper into cryptocurrencies, allowing its customers to redeem rewards earned through the company’s app for Bitcoin or Ethereum.

Starting Thursday, SoFi clients can apply their 2% cash-back rewards toward the two cryptocurrencies, Chief Executive Officer Anthony Noto said in a phone interview. The crypto program is among the first to be made available in the industry.

Photographer: Alex Flynn/Bloomberg

“There’s a thirst for more and more innovation that we continue to hear from our members,” Noto said. “The No. 1 thing they wanted was stocks and fractional shares. The No. 2 thing they wanted was cryptocurrency.”

SoFi’s clients are typically able to use rewards for offerings that improve their financial health or introduce them to new features on the site, such as signing up for credit-score monitoring or sending money to friends through the app. Clients can also continue to redeem rewards in cash or put them toward SoFi Invest products.

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