The prominent fintech company, SoFi Bank, Q2 earnings report has unveiled a remarkable upswing in its cryptocurrency holdings, with assets now reaching a noteworthy valuation of $170 million.
The bank’s cryptocurrency portfolio includes Bitcoin, Ethereum, Dogecoin, Cardano, Solana, Litecoin, and Ethereum Classic. Bitcoin holds the lead at $82 million, followed by Ethereum at $55 million.
Having successfully attracted over 500,000 customers to its crypto services, SoFi Bank offers trading options for more than 22 cryptocurrencies. While it initially partnered with Coinbase for crypto services in September 2019, the bank earned official recognition as an institution in February 2022.
Despite its remarkable achievements, the bank is currently under scrutiny from U.S. lawmakers and the Federal Reserve regarding its compliance with banking regulations. These challenges highlight the ongoing process of integrating cryptocurrencies into the traditional banking sector.
Also Read: US Fed Launches Program to Oversee Banks’ Crypto Activities
