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Q2 earnings report discloses US bank's $166M cryptocurrency holdings

Q2 earnings report discloses US bank’s $166M cryptocurrency holdings

SoFi, a San Francisco-based bank, has reported holding nearly $170 million in cryptocurrency on its balance sheet in its Q2 earnings report. This marks a significant increase from the previous quarter and includes holdings in Bitcoin, Ether, Litecoin, Cardano, Solana, Dogecoin, and Ethereum Classic. SoFi also revealed that it has onboarded over 500,000 customers and supports trading for more than 22 cryptocurrencies.

It is worth noting that SoFi began offering crypto services to its customers in September 2019, before obtaining a banking license in February 2022. This makes it one of the few traditional banks to provide crypto services. However, its crypto offering has faced scrutiny from the U.S. Federal Reserve and lawmakers, who questioned its compliance with banking laws and set a deadline for January 2024.

The association between the crypto sector and mainstream banking is seen as a crucial step for mass adoption. However, following the collapse of several crypto-focused banks in 2023, regulators have been cautious about partnerships between crypto and traditional finance. The future of this relationship remains uncertain.

Summary:

– SoFi bank holds nearly $170 million in cryptocurrency on its balance sheet.

– It offers trading for over 22 cryptocurrencies and has onboarded over 500,000 customers.

– SoFi started offering crypto services before obtaining a banking license.

– U.S. regulators have raised concerns about compliance with banking laws.

– The future of partnerships between crypto and traditional finance is uncertain.

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