With insights from the second quarter (Q2) earnings report, by SoFi bank, a San Fransisco-based bank, it holds about $170 million in crypto on its balance sheet. The United States bank, which serves over six million customers, is expected to see an increase in its crypto holdings compared with the previous quarter, stated Cointelegraph.
Sources revealed that out of the total $166 million of crypto investments, the bank holds about $82 million of BTC and $55 million worth of ETH. Supposedly, DOGE took the third spot at almost $5 million, with ADA holdings amounting to $4.5 million. It is expected that SoFi onboarded over 500,000 customers and now supports trading for over 22 cryptocurrencies, Cointelegraph added.
It is believed that the crypto sector’s association with mainstream banking is expected to be a step toward mass crypto adoption. However, with the 2022 turbulence and the collapse of several crypto-focused banks in 2023, the future is unknown, Cointelegraph concluded.
(With insights from Cointelegraph)