"Wow, SoFi is the best, are there any other banks like this?"
In its second quarter financial report, San Francisco-based banking institution SoFi's cryptocurrency holdings reportedly climbed to $170 million, with Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and Cardano (ADA) being its biggest holdings.
It is already known that SoFi, which has provided services to more than six million customers, has crypto holdings of $166 million, of which $82 million is in BTC, $55 million in ETH, $4.5 million in ADA and $4.9 million in DOGE.
Not only that, the bank also holds $2.1 million worth of Solana (SOL), $3.5 million in Litecoin (LTC), 2.9 million Ethereum Classic (ETC) and over $10 million in other digital assets.
Additionally, the investor presentation highlighted SoFi's strong growth in the crypto market with half a million people already becoming new customers of the bank as it facilitates trading for over 22 digital assets.
Despite not implementing a staking service, SoFi which holds digital assets and offers crypto services to its users in September 2019 through a partnership with Coinbase has allowed them to buy and sell digital assets.
It is widely known that SoFi in February 2022 officially became a bank after it obtained a banking license further making it one of the few traditional banks to venture into crypto.
However, tensions rose last year when a United States (US) Senate committee raised concerns about SoFi's compliance with banking regulations that need to be implemented by January 2024.
In the wake of FTX's drastic collapse, United States (US) lawmakers are increasingly aggressive against digital assets plus the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and Coinbase.
