US bank reveals $170M in crypto holdings: Q2 earnings report

San Fransico-based Sofi Bank revealed it holds $170 cardinal successful crypto connected its equilibrium expanse successful the Q2 earning report. The United States slope that serves implicit 6 cardinal customers has seen a important summation successful its crypto holdings compared to the past quarter.

The slope holds Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Cardano (ADA), Solana (SOL), Dogecoin (DOGE) and Ethereum Classic (ETC). Out of the full $170 cardinal investment, the slope holds $82 cardinal worthy of BTC followed by $55 cardinal worthy of ETH, DOGE took the 3rd spot with $5 cardinal and ADA is 4th with $4.5 million. An capitalist presumption besides revealed that SoFi onboarded implicit 500,000 customers and present supports trading for implicit 22 cryptocurrencies.

SoFi slope crypto holdings, Q2 2023. Source: SoFi Bank

Sofi Bank not lone hodl crypto but besides let customers to bargain and merchantability assorted cryptocurrencies but doesn’t connection immoderate signifier of staking services. The U.S. slope started offering crypto services to its customers successful September 2019 successful concern with the Coinbase crypto exchange.

However, it wasn’t a slope erstwhile it archetypal started offering crypto services and lone obtained the licence successful February 2022, making it 1 of the fewer afloat banks to connection crypto services.

Sofi Bank’s crypto offering nevertheless has not gone down good with the Federal Reserve and lawmakers. In Nov 2022, a U.S. Senate committee questioned Sofi’s banking instrumentality compliance, portion reminding it of the January 2024 deadline. Cointelegraph reached retired to Sofi Bank to get clarity connected its compliance deadline and however it would alteration its crypto holdings, but didn't person a effect astatine property time.

Related: Bitcoin ETFs: Even worse for crypto than cardinal exchanges

Crypto’s relation with mainstream banking was seen arsenic a important measurement for wide adoption. However, the downfall of respective crypto giants followed by the illness of crypto-friendly banks has formed a shadiness of uncertainty connected the aboriginal of specified associations.

The U.S. lawmakers rushed to incorporate the harm and prevention customers' funds but decidedly enactment a dent successful specified partnerships for the aboriginal arsenic regulators blamed crypto for the bank's collapse.

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