An eminent publicly traded bank based in the US has disclosed its significant deposit of Cardano, a robust cryptocurrency. This disclosure comes at a time when Cardano has been subject to scrutiny from regulators. Having Cardano listed among American banks’ crypto-assets is indicative of the achievement the cryptocurrency has made. Despite encountering issues from the SEC, drawing the attention of major US exchanges, investors’ dedication towards the potential and resilience of Cardano remains unshaken.
The San Francisco-based SoFi bank, with more than 6.2 million users, made headlines on August 9th during its Q2 earnings disclosure. The bank declared that its crypto-portfolio, managed by its subsidiary SoFi Digital Assets, surpassed $170 million. Bitcoin, Ethereum, Dogecoin, and Cardano featured in these holdings with values of $82 million, $55 million, $5 million, and $4.5 million respectively. Noteworthy is that SoFi outsources to third-party custodial services for these assets. This collection projects the funds held by third-party custodians for SoFi members and not direct investments by SoFi.
Cardano’s inclusion in this report amidst favorites like Bitcoin and Ethereum brings to light its escalating demand and adoption rate. This surge continues to persist in spite of experiencing regulatory headwinds within the US. This event also validates that US investors perceive Cardano as a concrete project. Therefore, they remain determined to hold substantial amounts despite government responses.
However, the report clarified that the bank has ceased support for holding more ADA. Simultaneously, ADA prominently featured in Hong Kong’s Digital Assets Index. Indonesia embraced ADA as a commodity in its quest to develop as a crypto hub. Meanwhile, Congress in the US is legislating bills to elucidate on crypto markets. Nevertheless, amid regulatory woes, Binance recently excluded Cardano leveraged products from its exchange platform.
Conclusively, US investors’ keenness in Cardano affirms that even with mounting regulatory pressures, they continue to believe in and hold vast amounts of ADA, underscoring faith in its solid framework and future.