- The San Francisco-based bank announced in its second-quarter earnings report that it holds $170 million worth of crypto assets in its balance sheet.
- The bank holds assets such as Bitcoin
, Ethereum, Litecoin, Cardano, Solana, Dogecoin, and Ethereum Classic.
- The bank not only holds crypto assets but also offers customers the opportunity to buy and sell various cryptocurrencies.
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The San Francisco-based bank has released its second-quarter earnings report; the bank holds over $170 million in Bitcoin and Altcoins!
US Bank Holds Crypto in its Balance Sheet
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Sofi Bank, based in San Francisco, announced in its second-quarter earnings report that it holds $170 million worth of crypto assets in its balance sheet. The US bank, which serves more than 6 million customers, significantly increased its crypto assets compared to the previous quarter.
The bank holds assets such as Bitcoin, Ethereum, Litecoin, Cardano, Solana, Dogecoin, and Ethereum Classic. Within the total $170 million investment, the bank holds $82 million worth of BTC, $55 million worth of ETH, DOGE is in third place with $5 million, and ADA is in fourth place with $4.5 million. According to an investor presentation, SoFi has gained over 500,000 customers and currently supports trading for more than 22 cryptocurrencies.
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Sofi Bank not only holds crypto assets but also offers customers the opportunity to buy and sell various cryptocurrencies, although it does not provide any type of staking service. The US bank started offering crypto services in September 2019 and partnered with Coinbase cryptocurrency exchange to provide this service.
However, when it first started offering crypto services, it was not a bank and only obtained its license in February 2022, becoming one of the few full-service banks offering crypto services.
Sofi Bank’s Move Doesn’t Please the Fed
Sofi Bank’s crypto services did not sit well with the Federal Reserve and legislative bodies. In November 2022, the US Senate committee questioned Sofi’s compliance with banking laws, reminding them of the deadline of January 2024. COINOTAG contacted Sofi Bank to clarify the compliance period and ask how they will handle their crypto assets, but did not receive a response.
The association of crypto with mainstream banking was seen as a critical step for its adoption by the masses. However, the collapse of several crypto giants and the downfall of crypto-friendly banks have raised doubts about the future of such relationships.
US legislative bodies attempted to limit the damage and rescue customer funds, but such collaborations suffered a serious blow for the future as regulators saw the bank’s collapse as the fault of crypto.