US bank reveals $166M in crypto holdings: Q2 earnings report

The San Fransico-based SoFi bank holds practically $170 million in crypto on its balance sheet, according to its second quarter (Q2) profits report. The United States bank, which serves over 6 million customers, has actually seen a significant boost in its crypto holdings compared with the previous quarter.The bank holds Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Cardano (ADA), Solana (SOL), Dogecoin (DOGE) and Ethereum Classic (ETC). Out of the total $166 countless crypto financial investments, the bank holds $82 million of BTC and $55 million worth of ETH. DOGE took the third spot at almost $5 million, with ADA holdings amounting to $4.5 million. A financier presentation likewise revealed that SoFi onboarded over 500,000 clients and now supports trading for over 22 cryptocurrencies. SoFi crypto holdings, Q2 2023. Source: SoFiSoFi not only hodls crypto; it also permits customers to purchase and sell numerous cryptocurrencies, although it doesnt provide any staking services. The U.S. bank started providing crypto services to its clients in September 2019 in partnership with the Coinbase crypto exchange. However, it wasnt a bank when it started using crypto services and only obtained a banking license in February 2022, making it among the couple of traditional banks supplying crypto services.However, SoFis crypto offering has not decreased well with the U.S. Federal Reserve and legislators. In November 2022, a U.S. Senate committee questioned SoFis banking law compliance while reminding it of a January 2024 deadline. Cointelegraph connected to SoFi Bank for clearness on its compliance due date and how it might impact its crypto holdings but didnt get a response by publication. Related: Bitcoin ETFs: Even even worse for crypto than main exchangesThe crypto sectors association with mainstream banking is seen as a vital step for mass adoption, however following a rough 2022 and the collapse of numerous crypto-focused banks in 2023, the future doubts. U.S. lawmakers rushed to consist of the damage and save customers funds, however it put a damage in collaborations between crypto and standard finance for the future, as regulators blamed crypto for the banks collapse.Magazine: Deposit danger: What do crypto exchanges truly finish with your cash?