SoFi, the banking, lending, and investing platform that will soon go public via merger with a special-purpose acquisition company, announced that it’s letting its clients redeem their cash back rewards in bitcoin or ethereum.

Why should we care?
SoFi first launched crypto trading two years ago with SoFi Invest. With cash back redemption capabilities in crypto, SoFi is acknowledging growing crypto adoption. Bitcoin “has already established itself as an incredibly valuable asset,” SoFi CEO Anthony Noto said in an interview. “It should be a small percentage of assets because it is very volatile. We put a warning label that says it’s an unproven asset.” The cryptocurrency cash back redemption capability was launched to meet consumer demand, the company said, but it may also be a way to stay competitive in a market where crypto credit card rewards have become more commonplace. For example, this week, Mastercard partnered with cryptocurrency exchange Gemini to launch a crypto rewards credit card which offers up to 3% in bitcoin or other cryptocurrencies on purchases. In addition, Visa, in a tie-up with cryptocurrency company BlockFi, recently launched a bitcoin rewards credit card that offers 1.5% cash back on purchases that will be converted to bitcoin and placed into a BlockFi account every month. “You could argue that the card networks can’t afford to sit this one out. But I think consumers are best served by taking a more cautious approach,” one analyst wrote regarding growth of crypto reward credit cards.