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SoFi's Crypto Revenue Surge, Thin Margins
Published 2 weeks, 4 days ago
Description
SoFis crypto business generates $121.6M in transaction revenue, but incurs $120.7M in costs, resulting in a net profit of $852K. With 239,509 crypto accounts opened, SoFis crypto setup mirrors a brokerage, buying and selling crypto as principal. They launched SoFiUSD stablecoin and partnered with Mastercard for settlement. Despite high volume, costs are a significant concern.
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