US bank reveals $166M in crypto holdings: Q2 earnings report
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The San Fransico-based SoFi bank holds almost $170 million in crypto on its balance sheet,
The crypto sector’s association with mainstream banking is seen as a crucial step for mass adoption, but following a turbulent 2022 and the collapse of several crypto-focused banks in 2023, the future is uncertain.
U.S. lawmakers rushed to contain the damage and save customers’ funds, but it put a dent in partnerships between crypto and traditional finance for the future, as regulators blamed crypto for the bank’s collapse.
Magazine: Deposit risk: What do crypto exchanges really do with your money?
