SoFi Technologies CEO Anthony Noto revealed that he and his family own cryptocurrencies such as Bitcoin, Ethereum, along with other digital assets.
His revelation came in a CNBC interview outside SoFi Stadium in Los Angeles, where Super Bowl LVI was held and was asked what he thought of the big game, which many dubbed the “Crypto Bowl” due to major crypto companies like Coinbase and FTX pouring millions of dollars into advertising spots.
Noto added that the family’s crypto holdings represent only a small proportion of the total family investment.
Firms that do not recognize the advancements of blockchain technology immediately risk losing their competitive advantage, according to Noto.
Noto went on to say “If you don’t innovate, and you don’t use cryptocurrency as a technology platform, you’ll get left behind. Your business will be smaller. You’ll be less competitive. You will have less innovation and less of a value proposition for consumers.”
Even so, Noto still described cryptocurrency as an “unproven asset” that is “highly volatile,” adding that they should be only a minor component of a well-diversified portfolio.
SoFi was among the first financial institutions to support cryptocurrencies, allowing customers to redeem cash-back rewards for Bitcoin or Ether as early as last year. There are 30 coins currently offered for SoFi users to trade on its platform.
In the “Crypto Bowl” held at the SoFi stadium, the community got to see Coinbase crashing after they ran their bouncing QR code commercial spending millions on a 60-sec slot. FTX too upped their game and brought in legendary Larry David for their commercial creating a frenzy in social media.
