Category: Cryptocurrency News

San Francisco’s SoFi Bank, a rising financial institution with 6.2 million customers, has unveiled its substantial cryptocurrency holdings, demonstrating a proactive embrace of the evolving digital asset landscape.  BTC, ETH, and DOGE Lead the Way A recent report shows that the bank’s second-quarter earnings totaled $170 million in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Related Reading: Bittrex, SEC Reach Settlement In Securities Violation Case Among its cryptocurrency investments, SoFi Bank boasts $82 million worth of Bitcoin, solidifying its position in ‘digital gold.’ Ethereum follows closely, with $55 million, showcasing the bank’s belief in the blockchain’s potential.  The meme-inspired Dogecoin takes the third spot with $5 million, while Cardano secures the fourth place with $4.5 million. The bank also diversifies with digital assets like Solana (SOL), Litecoin (LTC), and Ethereum Classic (ETC). SoFi Bank’s crypto holdings | Source: X SoFi Bank’s unique proposition lies in its commitment to fee-free cryptocurrency investments, allowing customers to allocate a portion of their direct deposits to digital assets.  The bank further incentivizes newcomers by offering a $100 crypto bonus upon registration. With a minimum investment threshold as low as $10, the platform fosters accessibility to a variety of cryptocurrencies beyond Bitcoin. While SoFi Bank’s innovative approach to cryptocurrency has garnered attention, it faces regulatory scrutiny, particularly from the United States Federal Reserve. The regulatory body has raised concerns over the bank’s involvement in crypto-related activities, requiring alignment with established policies. The bank has been given until January 2024 to ensure compliance, a process that involves navigating regulatory capital treatment intricacies. Founded in 2011, SoFi Bank transitioned from its status as a non-bank entity in 2019 to a fully-fledged financial institution the following year. BTC price falls to $29,300 | Source: BTCUSD on Tradingview.com Strategic Growth And Financial Success The earnings report highlights SoFi Bank’s business acumen, reflected in its strong second-quarter performance. With a remarkable 37% surge in revenue ($498 million) compared to the previous year, the bank showcases its ability to thrive amidst a rapidly evolving financial landscape. SoFi Technology Stock also witnessed a 17% surge in July following its Q2 report. “As a result of this growth in high-quality deposits, we have benefited from a lower cost of funding for our loans,” SoFi CEO Anthony Noto said. Related Reading: New Milestone For Ethereum Could Spell Good News For ETH Price SoFi is not the only bank that has made its way into cryptocurrencies. Major US banks like Wells Fargo, JP Morgan, and Goldman Sachs, among others, have also taken the plunge to provide access to digital assets and cryptocurrencies for their clients. Other notable entrants into the industry include BlackRock and ARK Invest, which have filed applications for Spot Bitcoin ETFs with the SECs. On August 13, the first of these, the ARK Invest application, will be deliberated on to be approved or rejected by the SEC. However, the regulator could also end up extending the deadline. Featured image from BitIRA, chart from Tradingview.com

By now you must be aware of the AI market being on a steady rise and heralding global news headlines. 

The announcement comes after Hong Kong debuted crypto retail trading with exchanges HashKey and OSL.

But again, there was a progression where the analog versions of this entertainment content were with us. So, many of us in the older crowd have grown to accept that progression.

Pudgy Penguins CEO reveals why PFT holders aren’t doomed, Grails offers a blind tasting to buy famous NFT artists, and free Amazon Prime NFTs.

Mainstream crypto adoption will require an enormous effort, and it’s still likely to be several years away.

While crypto was invented to provide an alternative to the traditional banking system, converting to and from fiat currency is still necessary in many cases.

Within the select group of the top 100 cryptocurrencies at the moment, Rollbit Coin (RLB) stands out as the best-performing project. The token has impressively increased by an astonishing 113% in the last week alone, and its daily performance charts also show an equally impressive gain of 30%. Recent statistics highlight Rollbit’s impressive financial accomplishments, with its income topping $2 million in the previous day. A wide range of services, such as cryptocurrency futures, sports betting, and casino games, are responsible for this remarkable financial achievement. Related Reading: Rising Star Hedera (HBAR) And Its 11% Climb – A Closer Look A significant amount of funds—net of related expenses—will be routinely and daily dedicated for the procurement of RLB as a direct result of this strong revenue stream. On A Roll – 94% Rally In The Weekly Timeframe At the time of writing, Rollbit was trading at $0.204, up a solid 30.3%, with an equally strong 94% increase in the last seven days, data from crypto market tracker Coingecko shows. The RLB token experienced a 7,850% increase year-to-date, rising from $0.002 to $0.159 in 2023. Although users should be aware of hazards, this performance emphasizes how technology and money have come together. RLB Revamped Tokenomics 🔥 ~1 month ago we publicly stated that our primary goal is to make RLB the cornerstone of Rollbit. Today we will deliver on that promise through launching the most impactful and highly anticipated feature to date: Buy & Burn From today onwards, revenue… pic.twitter.com/tRzUWwBq1a — Lucky (@Lucky_Rollbit) August 8, 2023 The announcement of a big forthcoming change in the tokenomics of Rollbit’s native token, RLB, made by its pseudonymous co-founder “Lucky” on Tuesday raised interest and discussion in the community. As of today, the market cap of cryptocurrencies stood at $1.13 trillion. Chart: TradingView.com Rollbit has distinguished itself as one of the most quickly developing crypto protocols this year. This tremendous growth is attributable to the company’s strong alignment with market demands and the positive acceptance of its product by traders and gamblers alike. Thriving Over The Years Lucky claims that because of the variety of its products, Rollbit has thrived over the past few years, “independent of market situations. Whether it’s Bull or Bear, our hybrid offerings have enabled us to provide steady income.” Related Reading: Rising Star Hedera (HBAR) And Its 11% Climb – A Closer Look Since August 4, the RLB price had fallen below the $0.120 horizontal resistance zone. It attempted multiple unsuccessful breakouts throughout this time. On August 8, the price did, however, ultimately rise over the region. The breakout happened quickly, and the same day, RLB hit a new all-time high of $0.24. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Pillai Center

It is essential that we engage in extensive research and relentlessly test and build solutions that help solve these challenges and build a resilient architecture.