– The San Fransico-based SoFi bank holds almost $170 million in crypto on its balance sheet, according to its second quarter (Q2) earnings report.
– SoFi holds Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), and Ethereum Classic (ETC) in its crypto holdings.
– Out of the total $166 million of crypto investments, the bank holds $82 million of BTC and $55 million worth of ETH.
– SoFi onboarded over 500,000 customers and now supports trading for over 22 cryptocurrencies.
– SoFi started offering crypto services to its customers in September 2019 in partnership with the Coinbase crypto exchange.
– SoFi obtained a banking license in February 2022, making it one of the few traditional banks providing crypto services.
– U.S. Federal Reserve and lawmakers expressed concerns about SoFi’s compliance with banking laws.
– The future of the crypto sector’s association with mainstream banking is uncertain following the collapse of several crypto-focused banks in 2023.
– U.S. lawmakers rushed to save customers’ funds, but it damaged partnerships between crypto and traditional finance.
– Mass adoption of crypto relies on its integration with traditional banking, but regulators have blamed crypto for bank failures.
Source: [Q2 earnings report](https://s27.q4cdn.com/749715820/files/doc_financials/2023/q2/835cd043-7d0b-4939-96ef-7489876a4ec3.pdf)
