Ethereum ‘backbone’ of stablecoins despite price, MrBeast CEO says amid new crypto venture

Ethereum, the $246 billion blockchain, just landed another major supporter.

“We’re big fans of Ethereum,” Jeff Housenbold, Beast Industries president and CEO, said on Thursday.

The executive went on to declare Ethereum the “backbone” of the stablecoin industry and touted the promise of decentralised finance, or DeFi, a sector whose apps offer borrowing, lending, trading and a host of other financial services on decentralised blockchain networks.

“We think the DeFi movement is really important, and the benefits it brings to consumers in greater access, democratisation, lower cost of capital, the ability to move capital around the globe in a safe and secure way,” he told CNBC Television.

Beast Industries brands itself as a “creator-based platform” and oversees the viral MrBeast brand, founded by YouTube creator Jimmy Donaldson.

It leverages a 1.5 billion fanbase to sell consumer products, including official apparel, toys, and healthy protein snacks.

The praise for Ethereum comes as Beast Industries rolls out a new suite of financial products following its acquisition of fintech firm Step on February 9.

Step is a six-year-old fintech company “dedicated to making financial literacy and money management accessible to all,” according to Beast Industries.

For Housenbold, the acquisition gives the company access to a massive customer base.

“When you have 1.45 billion users, there’s a lot of share of wallet you can gain,” He said. “The real key is to develop a lifetime relationship with the customer.”

Bitmine x MrBeast

Beast Industries turn to crypto hasn’t been without warning.

In January, Bitmine, the Ethereum treasury company chaired by Tom Lee, invested $200 million in Beast Industries.

The deal gives Bitmine a stake in a brand with massive global reach among younger audiences.

Beast Industries’ YouTube channels have over 450 million subscribers and generate over 5 billion views per month.

“MrBeast and Beast Industries, in our view, is the leading content creator of our generation, with a reach and engagement unmatched with GenZ, GenAlpha and Millennials,” Lee said.

Housenbold said the Bitmine investment validates the company’s strategy as it pursues becoming “the most impactful entertainment brand in the world.”

Fintech push

Beast Industries has filed a US trademark application for “MrBeast Financial,” hinting at crypto-enabled financial products.

“What we’re going to do is take traditionally dry information around financial literacy, make it entertaining, we’re going to gamify it, and we’re going to help drive the habit that leads to long term success for the masses,” Housenbold said.

“It fits so perfect with our mission, which is to uplevel children around the world.”

Crypto market movers

• Bitcoin is up down 1.9% over the past 24 hours, trading at $67,244.
• Ethereum is down 3.4% past 24 hours at $2,009.

What we’re reading

• Vitalik proposes ‘quantum roadmap’ for Ethereum — DL News
• Circle’s breakout year sets up 129% upside to $190 per share, Bernstein says— DL News
• Meta Eyes Stablecoin Return, This Time at Arm’s Length — Unchained
• Has Bitcoin Lost Its “Digital Gold” Status for Good? w/ Ran Neuner — Milk Road
• Revolut joins financial watchdog’s stablecoin sandbox as UK rushes to catch up to US — DL News

Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email him at lance@dlnews.com.