SoFi Technologies reported record fourth-quarter revenue of $1 billion as the U.S. fintech bank reintroduced cryptocurrency-based consumer products.
According to his earnings report reported Friday, adjusted net revenues rose 37% year-over-year to $1 billion, while GAAP net income reached $173.5 million in the most recent quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 60% to $317.6 million.
SoFi reported total fee revenue of a record $443 million in the quarter, and its total membership increased approximately 35% to 13.7 million. SoFi added 1.6 million modern products during the quarter, driving total financial services products up 38% year-over-year to 17.5 million. Following its launch on December 22, the company registered 63,441 crypto products, although this number reflects activity from December 22-31 and is not representative of the entire quarter.
The results come on the heels of SoFi’s return to the cryptocurrency market following its November 2023 crash.
In June, the company reintroduced cryptocurrency trading, allowing customers to buy, sell and hold digital assets. Blockchain-based remittances have also been implemented and have expanded to more than 30 countries, according to the company.
In December, SoFi launched SoFiUSD, a U.S. dollar-backed stablecoin issued by its banking subsidiary SoFi Bank.
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Banks are increasingly pro-crypto
American banks are increasingly taking pro-crypto steps. In May, several major US banks began discussing a potential joint stablecoin initiative. The report shows that companies linked to JPMorgan Chase, Bank of America, Citigroup and Wells Fargo have held preliminary talks to jointly issue a dollar-pegged stablecoin.
In October, JPMorgan Chase said it planned to offer cryptocurrency trading, but ruled out direct cryptocurrency custody in the near future. In a speech on CNBC’s Squawk Box Europe, Scott Lucas, the bank’s global head of markets and digital assets, said JPMorgan was evaluating trading services and potential third-party custodians.
On January 23, UBS began exploring plans to offer cryptocurrency trading to its wealthiest clients. The Swiss banking giant was initially enabling selected private banking clients in Switzerland to trade Bitcoin (BTC) and Ether (ETH), with potential expansion into the Asia-Pacific region and the US at a later stage.
In a Saturday post on X, Coinbase CEO Brian Armstrong he said that talks with bank executives at the World Economic Forum in Switzerland revealed a change in tone. He said that most of the bank CEOs he met were “actually very pro crypto and are using it as an opportunity (some haven’t gotten there yet).”
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