Latest

SoFi Bank has built up $166 million in cryptocurrency reserves

SoFi Bank, which is based in San Francisco, holds $166 million in cryptocurrency on its balance sheet. The financial institution itself disclosed this in its earnings report for the second quarter of the year.

The bank, which serves more than six million customers, holds $82 million in BTC and $55 million in ether. In third place is DOGE ($5 million). The bank also holds cryptoassets such as Litecoin, Cardano, Solanai and Ethereum Classic on its wallets.

SoFi Bank says it now supports trading in more than 22 cryptocurrencies.

However, SoFi wasn’t a bank when it started offering crypto services, it was a cryptocurrency trading platform. The company didn’t get a banking license until February 2022.

Recently, the cryptocurrency division of French bank Societe Generale, SG Forge, became the first company to receive a license to offer cryptocurrency services from the French Financial Markets Committee (AMF).

Raiffeisen Bank’s Vienna unit, in collaboration with Bitpanda, said it will provide cryptocurrency trading services to its customers. Raiffeisen plans to become the first traditional EU bank to include cryptocurrencies and similar asset classes in its digital investment offering.