Bitcoin: US Bank Drops Crypto Bombshell, Reveals $82M BTC Reserves

Bitcoin continues to drive institutional interest, as revealed by SoFi Bank’s Q2 earnings report. The San Francisco-based bank is causing a stir in the financial industry thanks to its wide range of digital assets, which include Bitcoin, Ethereum, Litecoin, Cardano, Solana, and even Dogecoin.

With $82 million worth of BTC, the king coin formed the bulk of its crypto holdings, valued at $82 million. $55 million worth of Ethereum, followed by Cardano [$4.5 million] and Dogecoin [$5 million]. Its total crypto holdings are valued at roughly $170 million.

SoFi Bank, which boasts over 6 million customers, is also one of the very few full-on banks to offer crypto through a partnership with the biggest centralized digital asset exchange, Coinbase, Trustnodes reported. Crypto proponents have reacted positively to the news, saying it was a “smart strategic play embracing digital assets.”

A quick look around the website reveals a unique offering where it allows users to invest a portion of their deposits in terms of digital assets without any digital fees. The official portal also lets U.S. users get up to $100 worth of Bitcoin for trading crypto.

Additionally, SoFi credits the Bitcoin incentive when the requirements are satisfied within seven days of opening an account, as mentioned in the FAQ page of SoFi’s crypto trading app.

The latest development is crucial given how the Federal Reserve has ramped up its scrutiny of banks’ involvement in the realm of digital assets. Regulators, particularly those in the US, have started to limit the exposure of the banking sector to cryptocurrencies.

Banks Continue To HODL Bitcoin Despite Fed’s Increase Scrutiny

The Central Bank’s newly initiated program is designed to monitor banks’ direct interactions with and collaborations with fintech businesses that provide services to their clients.

This stance reflects a continuing initiative by American regulators to exercise caution in the virtual asset market. Those who endorse this cautious oversight have stressed the importance of these safeguards in protecting the conventional banking system from potential shocks.

The struggle to find the ideal mix between technology and long-term reliability remains as the digital asset market evolves over time. The Federal Reserve’s on-guard attitude mirrors a bigger trend as regulators around the world grapple to control cryptocurrencies.

Lipika Deka: Lipika is a crypto-journalist at TWJ. A graduate in economics and finance, she has a keen interest in the political and socio-economic facets of blockchain technology and the cryptocurrency industry.