US-Based SoFi Bank Reveals $170M in Crypto Holdings

Crypto sales

SoFi Bank, a San Francisco-based bank with 6.2 million customers, holds approximately $170 million worth of cryptocurrencies, according to a recent report by Trustnodes that cited the bank’s second quarter (Q2) earnings report.

SoFi Bank Holds BTC, Ether, and Others

Of the total cryptocurrency holdings, bitcoin (BTC) is the largest, accounting for $82 million. Trailing the flagship crypto asset is ether (ETH) with $55 million, followed by Dogecoin (DOGE) with $5 million. Ranking fourth is Cardano (ADA) with $4.5 million. Other digital assets on the list include Solana (SOL), litecoin (LTC), and Ethereum Classic (ETC).

Founded in 2011, SoFi Bank is an online bank that offers services, including checking, savings, and investing products. Moreover, the bank offers exclusive services to customers by allowing them to invest a portion of their deposits into digital assets with zero fees. Interestingly, any new U.S.-based customer signing up to the platform will receive a $100 crypto bonus. 

The bank stated that customers can trade multiple cryptocurrencies, including BTC, through an Active Invest account for as little as $10. While the bank offers this service 24/7, it does not provide staking or a crypto wallet.

SoFi Bank Added 584K New Users in Q2

SoFi Bank started offering crypto services in 2019. Notably, it wasn’t a bank then. At the time, SoFi Bank had just 800,000 customers. According to the latest report, the bank added 584,000 new members in Q2, 2023.

SoFi Bank only started operating as a bank in February 2022 following the acquisition of Golden Pacific Bancorp, owner of Sacramento, California-based Golden Pacific Bank, for $22.3 million. Shortly after, SoFi Bank became one of the few comprehensive financial institutions offering crypto through a partnership with Coinbase.

Following SoFi Bank’s shift to a full banking institution, the U.S. Federal Reserve expressed some concerns over the bank’s continued involvement with crypto. The Fed said it did not permit such activities and gave SoFi Bank two years until January 2024 to align its policies with the board’s policies. 

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