US bank reveals $170M in crypto holdings: Q2 earnings report
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San Fransico-based Sofi Bank revealed it holds $170 million in crypto on its balance sheet in the Q2 earning
Crypto’s association with mainstream banking was seen as a crucial step for mass adoption. However, the downfall of several crypto giants followed by the collapse of crypto-friendly banks has cast a shadow of doubt on the future of such associations.
The U.S. lawmakers rushed to contain the damage and save customers’ funds but definitely put a dent in such partnerships for the future as regulators blamed crypto for the bank’s collapse.
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