YouTube Star MrBeast Acquires Digital Banking Platform for Gen Z Following BitMine's Massive Investment
This purchase of a youth-focused banking platform comes after MrBeast filed a trademark for "MrBeast Financial" last October, with documents explicitly referencing "cryptocurrency exchange services."
YouTuber Jimmy "MrBeast" Donaldson's entertainment enterprise, Beast Industries, has announced the purchase of Step, a digital banking platform designed specifically for teenagers and young adults, representing the company's boldest venture into the financial services sector thus far.
Through a statement shared on X this Monday, Donaldson explained that the driving force behind this purchase was to provide younger generations with essential resources and mentorship necessary for understanding personal finance management at an earlier stage in life.
According to Beast Industries CEO Jeff Housenbold, "Financial health is fundamental to overall wellbeing, yet too many people lack access to the tools and knowledge they need to build financial security."
Financial terms of the deal were not made public.
This move by the popular YouTube channel into the financial services sector follows a $200 million capital injection from Ethereum treasury firm BitMine Immersion Technologies that occurred in January, along with a previous trademark application for "MrBeast Financial" that was submitted in October.
The October trademark application specifically referenced "cryptocurrency exchange services," "cryptocurrency payment processing," and "cryptocurrency via decentralized exchanges."
That said, the connection between the trademark application and the Step purchase remains uncertain at this time.
Beast Industries was contacted by Cointelegraph for additional comments, but no immediate response was provided.
Step scales to 6.5 million users in 8 years
Step's mobile application is designed to assist Gen Z consumers in managing their finances, establishing credit history, collecting rewards, and expanding their understanding of financial matters. The platform's spending accounts carry Federal Deposit Insurance Corporation insurance through Evolve Bank & Trust.
Since its initial launch in 2018, the financial technology app has grown its user base to 6.5 million individuals, and throughout its development has secured approximately $500 million in funding from notable investors including Steph Curry, Justin Timberlake, Will Smith, and Charli D'Amelio.
According to Housenbold, the purchase of Step "positions us to meet our audiences where they are, with practical, technology-driven solutions that can transform their financial futures for the better."
When BitMine announced its strategic $200 million investment, the company's chair, Tom Lee, characterized the transaction as a long-range investment in the creator economy, declaring:
"MrBeast and Beast Industries, in our view, is the leading content creator of our generation, with a reach and engagement unmatched with GenZ, GenAlpha and Millennials."
Tom Lee also noted that BitMine's core business principles were "strongly aligned" with those of Beast Industries, though he made no reference to potential cryptocurrency integration during that announcement.