SoFi Bank, based in San Francisco, has disclosed that it holds $170 million in cryptocurrency, according to its Q2 earnings report. This represents a substantial increase in the bank’s crypto holdings compared to the previous quarter.

The bank’s investment includes $82 million in Bitcoin (BTC), $55 million in Ethereum (ETH), $5 million in Dogecoin (DOGE), and $4.5 million in Cardano (ADA). In addition to holding these assets, an investor presentation revealed that SoFi has added over 500,000 customers and now supports trading for more than 22 different cryptocurrencies.

SoFi Bank began offering crypto services to its customers in September 2019 through a partnership with Coinbase, even before it became a fully licensed bank. It obtained its banking license in February 2022, making it one of the few full-service banks to offer crypto services.

While SoFi allows customers to buy and sell various cryptocurrencies, it does not currently offer any staking services.

The bank’s involvement with crypto has not been without controversy. In November 2022, a U.S. Senate committee questioned SoFi’s compliance with banking laws, reminding the bank of a January 2024 deadline.

The integration of crypto with mainstream banking has been viewed as a vital step towards broader adoption. However, the failure of several crypto giants and the collapse of crypto-friendly banks have raised concerns about the future of such collaborations.

U.S. lawmakers have acted to mitigate the damage and protect customers’ funds, but the incidents have left a mark on partnerships between banks and the crypto industry. Regulators have blamed crypto for some of the bank collapses, casting doubt on the future of these associations.