2 hours ago
Beast Industries, the amusement institution founded by YouTuber Jimmy “MrBeast” Donaldson, is acquiring Step, a mobile banking app focused connected teenagers and young adults, marking its astir important propulsion into concern to date.
In a station to X connected Monday, Donaldson said the information down the acquisition was to equip young radical with the tools and guidance needed to navigate idiosyncratic concern from an aboriginal age.
Source: MrBeastBeast Industries CEO Jeff Housenbold said, "Financial wellness is cardinal to wide wellbeing, yet excessively galore radical deficiency entree to the tools and cognition they request to physique fiscal security.”
The acquisition outgo was not disclosed.
The YouTube channel’s enlargement into concern comes aft it received a $200 cardinal concern from Ethereum treasury steadfast BitMine Immersion Technologies successful January and a abstracted trademark filing for “MrBeast Financial” successful October.
That trademark filing mentioned "cryptocurrency speech services,” “cryptocurrency outgo processing,” and “cryptocurrency via decentralized exchanges.”
However, it isn’t wide whether that trademark filing is related to the Step acquisition.
Cointelegraph reached retired to Beast Industries for comment, but didn’t person an contiguous response.
Step scales to 6.5 cardinal users successful 8 years
The Step app aims to assistance Gen Z users negociate money, physique credit, gain rewards, and deepen their financial literacy. Spending accounts are Federal Deposit Insurance Corporation-insured done Evolve Bank & Trust.
The banking app has scaled to 6.5 cardinal users since launching successful 2018, having raised astir $500 cardinal from the likes of Steph Curry, Justin Timberlake, Will Smith, and Charli D'Amelio.
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The MrBeast YouTube transmission has 466 million subscribers, the largest transmission connected the video-streaming platform.
Housenbold said the Step acquisition “positions america to conscionable our audiences wherever they are, with practical, technology-driven solutions that tin alteration their fiscal futures for the better."
At the clip of the strategical $200 cardinal BitMine investment, its chair, Tom Lee, said the institution viewed the woody arsenic a semipermanent stake connected the creator economy, stating:
“MrBeast and Beast Industries, successful our view, is the starring contented creator of our generation, with a scope and engagement unmatched with GenZ, GenAlpha and Millennials.”Lee said that BitMine’s firm values were “strongly aligned” with Beast Industries, but didn’t notation thing astir integrating crypto astatine the time.
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