SoFi Technologies reported a record fourth-quarter revenue of $1 billion, reintroducing consumer crypto-based products. Adjusted net revenue rose 37% year-on-year to $1 billion, GAAP net income reached $173.5 million, and adjusted EBITDA increased 60% to $317.6 million. Total fee-based revenue hit a record $443 million, with total members growing 35% to 13.7 million. SoFi added 1.6 million new products in the quarter.

In June, SoFi reintroduced crypto trading, blockchain-powered remittances, and launched SoFiUSD, a US dollar-backed stablecoin. US banks are making pro-crypto moves, with JPMorgan Chase planning to offer cryptocurrency trading and UBS exploring plans to offer crypto trading to its wealthiest clients. Coinbase CEO Brian Armstrong noted a shift in tone among bank executives, with many leaning into crypto as an opportunity.

Read more at Cointelegraph: SoFi Reports Record Q4 Earnings as Crypto, Stablecoin Push Expands