US Bank Reveals $166M in Crypto Holdings – Q2 Earnings Report

SoFi Crypto Services

SoFi, the United States bank serving over six million customers, holds almost $170 million worth of cryptocurrencies on its balance sheet, according to its second quarter (Q2) earnings report. This is a significant increase from the previous quarter. The bank is hodling Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Cardano (ADA), Solana (SOL), Dogecoin (DOGE) and Ethereum Classic (ETC), with BTC and ETH taking the lion’s share of the investments at $82 million and $55 million respectively. Dogecoin (DOGE) is in third place at almost $5 million, followed by ADA at $4.5 million.

SoFi not only hodls crypto, but also allows customers to buy and sell various digital assets, such as Polymesh (POLY), OMG Network (OMG), Pendle (PENDLE) and Osmosis (OSM). However, it does not offer any staking services. In September 2019, SoFi started offering crypto services to its customers in partnership with Coinbase and onboarded over 500,000 customers. In February 2022, it obtained a banking license, making it one of the few traditional banks providing crypto services.

Crypto and Traditional Finance Partnerships

In November 2022, the U.S. Senate questioned SoFi’s compliance with banking laws, reminding it of a January 2024 deadline. Cointelegraph reached out to SoFi Bank for clarity on the compliance deadline and how it might affect its crypto holdings, but didn’t receive a response by publication.

The crypto sector’s association with mainstream banking is seen as a crucial step for mass adoption, but the future is uncertain after a turbulent 2022 and the collapse of several crypto-focused banks in 2023. U.S. lawmakers rushed to save customers’ funds, but the incident put a dent in partnerships between crypto and traditional finance for the future, with regulators blaming crypto for the bank’s collapse.

However, SoFi’s crypto offering has not gone down well with the U.S. Federal Reserve and lawmakers. PayPal crypto, OMG crypto, Pendle crypto, Polymesh crypto, Osmosis crypto, and Op crypto are some of the options available for those interested in exploring the world of Web 3.0 and the possibilities of Polka Dot crypto and OMI crypto.