Driven by the expansion of cryptocurrency business, national bank SoFi's Q4 revenue surpasses $1 billion for the first time

According to The Block, driven by the expansion of its cryptocurrency business, SoFi Technologies, one of the largest online lending institutions in the United States, reported its first-ever quarterly revenue exceeding $1 billion in the fourth quarter, with a profit of $174 million.

The company stated that it added 1 million new members in the fourth quarter, a record high, bringing the total membership to 13.7 million, a 35% increase compared to the same period last year.

The San Francisco-based lending institution recently became the first nationally chartered bank to launch consumer cryptocurrency trading, and subsequently introduced the SoFiUSD stablecoin and blockchain-integrated remittance services in over 30 countries.