San Francisco’s SoFi Bank Reveals Significant Holdings In BTC, ETH, And DOGE
11 Agosto 2023 - 11:00AM
NEWSBTC
San Francisco’s SoFi Bank, a rising financial institution with 6.2
million customers, has unveiled its substantial cryptocurrency
holdings, demonstrating a proactive embrace of the evolving digital
asset landscape. BTC, ETH, and DOGE Lead the Way A recent
report shows that the bank’s second-quarter earnings totaled $170
million in various cryptocurrencies, including Bitcoin (BTC),
Ethereum (ETH), and Dogecoin (DOGE). Related Reading: Bittrex, SEC
Reach Settlement In Securities Violation Case Among its
cryptocurrency investments, SoFi Bank boasts $82 million worth of
Bitcoin, solidifying its position in ‘digital gold.’ Ethereum
follows closely, with $55 million, showcasing the bank’s belief in
the blockchain’s potential. The meme-inspired Dogecoin takes
the third spot with $5 million, while Cardano secures the fourth
place with $4.5 million. The bank also diversifies with digital
assets like Solana (SOL), Litecoin (LTC), and Ethereum Classic
(ETC). SoFi Bank's crypto holdings | Source: X SoFi Bank’s unique
proposition lies in its commitment to fee-free cryptocurrency
investments, allowing customers to allocate a portion of their
direct deposits to digital assets. The bank further
incentivizes newcomers by offering a $100 crypto bonus upon
registration. With a minimum investment threshold as low as $10,
the platform fosters accessibility to a variety of cryptocurrencies
beyond Bitcoin. While SoFi Bank’s innovative approach to
cryptocurrency has garnered attention, it faces regulatory
scrutiny, particularly from the United States Federal Reserve. The
regulatory body has raised concerns over the bank’s involvement in
crypto-related activities, requiring alignment with established
policies. The bank has been given until January 2024 to ensure
compliance, a process that involves navigating regulatory capital
treatment intricacies. Founded in 2011, SoFi Bank transitioned from
its status as a non-bank entity in 2019 to a fully-fledged
financial institution the following year. BTC price falls to
$29,300 | Source: BTCUSD on Tradingview.com Strategic Growth And
Financial Success The earnings report highlights SoFi Bank’s
business acumen, reflected in its strong second-quarter
performance. With a remarkable 37% surge in revenue ($498 million)
compared to the previous year, the bank showcases its ability to
thrive amidst a rapidly evolving financial landscape. SoFi
Technology Stock also witnessed a 17% surge in July following its
Q2 report. “As a result of this growth in high-quality deposits, we
have benefited from a lower cost of funding for our loans,” SoFi
CEO Anthony Noto said. Related Reading: New Milestone For Ethereum
Could Spell Good News For ETH Price SoFi is not the only bank that
has made its way into cryptocurrencies. Major US banks like Wells
Fargo, JP Morgan, and Goldman Sachs, among others, have also taken
the plunge to provide access to digital assets and cryptocurrencies
for their clients. Other notable entrants into the industry include
BlackRock and ARK Invest, which have filed applications for Spot
Bitcoin ETFs with the SECs. On August 13, the first of these, the
ARK Invest application, will be deliberated on to be approved or
rejected by the SEC. However, the regulator could also end up
extending the deadline. Featured image from BitIRA, chart from
Tradingview.com
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