- A large publicly traded American Bank revealed that it holds substantial amounts of Cardano.
- The report came at a time when Cardano was under pressure from regulators.
- ADA’s inclusion in the American Bank’s crypto holdings is a milestone achievement.
Cardano still faces heat from SEC’s attack, as major US exchanges line up to delist ADA and dump their bags for tokens with better regulatory clarity.
Yet, despite these challenges, investors continue to display their unwavering faith in Cardano’s potential and resilience, which was recently highlighted in SoFi’s earning calls report.
SoFi Customers Believe in ADA
On August 9, San Francisco-based SoFi bank, boasting over 6.2 million users, made an important revelation during its Q2 earnings call. The bank reported amassing a crypto portfolio exceeding $170 million through its subsidiary SoFi Digital Assets.
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Per details in the official report, SoFi’s holdings comprised $82 million in Bitcoin (BTC), $55 million in Ethereum (ETH), $5 million in Dogecoin (DOGE), and $4.5 million in Cardano (ADA).
It’s worth noting SoFi itself hasn’t invested in these tokens; instead, it uses third-party custodial services where members can invest in these assets. The report highlighted the assets held by third-party custodians on behalf of SoFi members.
While major corporations and investors favor Bitcoin and Ethereum to gain exposure to the crypto industry, ADA’s inclusion in the report is a milestone achievement. It highlights Cardano’s growing adoption and demand despite its regulatory challenges within the US.
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It also proves that US investors recognize Cardano as a solid project and are willing to hold substantial amounts regardless of how the government reacts. However, despite investors’ reactions, the report clarified that it had ended support for holding more ADA.
On the Flipside
- Data revealed that ADA held a notable position in a prominent Hong Kong Digital Assets Index.
- Indonesia recently welcomed ADA as a commodity in its effort to become a crypto hub.
- The US Congress is working on bills to bring clarity to the crypto markets.
- With piling regulatory problems, Binance recently delisted Cardano leveraged products from its exchange.
Why This Matters
US investors’ interest in Cardano proves that despite the mounting sell regulatory pressure ADA faces in the country, they’re still willing to hold substantial amounts as a testament to its robustness and vision.
More on Cardano:
Binance Drops Cardano Leveraged Tokens Amid Piling Lawsuits
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