SoFi Technologies CEO Anthony Noto discussed the hazards of cryptocurrency ownership before disclosing that his family owns some of the digital assets.
Noto told CNBC, “We’re into cryptocurrencies.” “We possess bitcoin, ethereum, and a few of the more obscure and unique cryptocurrencies, but they make up a very minor portion of our total holdings.”
This comment occurred after CNBC’s Andrew Ross Sorkin asked the CEO what he felt of the massive game, which many dubbed the “Crypto Bowl” owing to prominent crypto businesses like Coinbase and FTX spending millions of dollars into advertising spots.
Companies who don’t realise the advancements of blockchain technology right away, according to the CEO, risk losing their competitive edge.
“You’ll be left behind if you don’t innovate and don’t leverage cryptocurrencies as a technological platform,” he told CNBC. “Your company will shrink. You’ll be less competitive as a result of this. Consumers will see less innovation and a worse value offer.”
Noto, the former Twitter COO who took over as CEO of SoFi in 2018, claimed his personal finance company is benefiting from its naming rights for the Rams’ home stadium. In 2019, SoFi paid hundreds of millions of dollars for the name rights to the building for the following two decades. SoFi presently supports 30 crypto currencies for trading.
