SoFi CEO Holds Crypto, Touts Deal for Super Bowl Champs’ Stadium

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SoFi Technologies Inc. Chief Executive Officer Anthony Noto said his family holds cryptocurrencies and that it would be a mistake for companies to ignore blockchain technologies, even as he emphasized the risks inherent in the digital assets.

“We’re invested in cryptocurrency -- we own Bitcoin, we own Ethereum, we own some of the more obscure and different cryptocurrencies, but it’s a very small part of what we own,” Noto said in a CNBC interview Monday held outside SoFi Stadium, where the Los Angeles Rams won Super Bowl LVI on Sunday. “If you don’t innovate, and you don’t use cryptocurrency as a technology platform, you’ll get left behind.”

Still, Noto described digital currencies as an “unproven asset” and “highly volatile,” adding that they should be only a small part of a diversified portfolio. Interviewer Andrew Ross Sorkin noted that Sunday’s game was called the “Crypto Bowl” by some due to a slew of advertisements for blockchain firms shown during commercial breaks.

Noto also touted rewards he sees his company reaping from its naming rights for the Rams’ home stadium, adding that the firm is also set to benefit from the bank charter it acquired through its purchase of Golden Pacific Bancorp Inc.completed earlier this month. 

“The biggest driving force for us was to try to become a household name, and being associated with the National Football League, and being on prime-time television five or six times a year, and then the Super Bowl, it’s all played out the way that we had thought and then some,” Noto said. “Now we’re regulated by the most important institutions in the world -- the Federal Reserve, the OCC and the FDIC -- so we get to play with all the big dogs now,” he said, referring to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp.

Read more: Super Bowl Host and Rams Owner Kroenke Wins Even Before Kickoff

SoFi was earlier than other financial firms to endorse cryptocurrencies, allowing customers to redeem cash-back rewards for Bitcoin or Ether starting early last year. There are currently 30 coins available for SoFi users to trade on its platform, according to the company’s website