MrBeast's New Banking App Step Shows No Signs of Crypto

In an Oct. 17 video about a couple trying to lose weight to win $250,000, Jimmy “MrBeast” Donaldson told viewers he had deposited $175,000 into each winner's Step account.

Beast Industries acquired Step, a financial technology company, in February 2026 — roughly a month after Bitmine Immersion Technologies, led by Tom Lee, announced a $200 million investment in Beast Industries.

“That is real money in your Step Bank account right now. Step is my brand new banking app that, in my opinion, it's the most rewarding way to set yourself up for your financial future,” MrBeast said in the video. He also promoted a code that gives new users $5 after they fund their account and make a first purchase of $5 or more with their Step card within 30 days.

The video had drawn more than 93 million views at the time of writing.

A Fintech App, Not a Bank

Despite the “Step Bank” phrasing in the pitch, the video's description states that “Step is not a bank” and that banking services are provided by Evolve Bank & Trust. Step's Apple App Store and Google Play Store listings likewise state that “Step is a financial technology company, not a bank.” The partner-bank arrangement is common across consumer fintech: the app company designs the product and owns the customer relationship, while a chartered bank provides the underlying accounts, which is how a non-bank like Step can advertise FDIC insurance on deposits.

Step's app store listings make no mention of crypto features. Instead, the company advertises credit building, cashback of at least 1%, 3% on savings, FDIC insurance up to $1 million, EarlyPay cash advances of $20 to $250, and money for playing games and taking surveys. According to Step's terms, the 3% is a promotional reward, not interest. Step, founded in 2018, claimed in February 2026 that it had “attracted over 7 million users.”

DeFi Ambitions Remain Unconfirmed

When Bitmine announced its investment in January, Beast Industries CEO Jeff Housenbold said the company looked forward to “exploring ways to further collaborate and incorporate DeFi [decentralized finance] into our upcoming financial services platform.” DeFi generally refers to financial services such as trading and lending that run on public blockchains without traditional intermediaries — a notable phrase given Bitmine's stated interest in MrBeast's young audience. Beast Industries did not specify at the time whether Step was that platform. In the spring, a company spokesperson said Beast Industries had not announced plans to add digital assets to Step and was still evaluating its plans for the app.

Quiet Changes in the Terms of Service

Comparing a February 2026 copy of Step's terms of service from the Internet Archive with the current version, last updated Sept. 26, 2026, Bitcoin.com News found that the section covering crypto rewards has been removed. That section described how users could take their Step rewards as crypto or stock instead of cash; the current terms cover stock rewards only. However, the general definition of rewards still lists cash, points, cryptocurrency, stock, or other forms, and points can still be redeemed for cash, crypto, or stock “when available.”

It is unclear whether this amounts to a simple legal cleanup: Step stopped crypto asset services in 2024, shutting down crypto asset trading — including for minors with parental permission — in May 2024. In either case, the current version still leaves the door open for crypto asset-related features.

Crypto-Related Trademarks

When announcing its investment in Beast Industries, Bitmine said it was gaining access to MrBeast's young audience and hoped to speed up adoption of Ethereum-related products. Earlier, in October 2025, Beast Holdings LLC filed trademark applications for “Beast Financial” and “MrBeast Financial.” The MrBeast Financial application lists services including centralized and decentralized crypto exchanges and crypto payment processing. Such filings reserve branding rights for prospective services; on their own, they signal intent rather than a confirmed product or launch timeline.

While MrBeast and his team have made no further announcements, Step continues to offer the same products it did before the acquisition: a Step Visa card, credit building capabilities, cashback, savings rewards, and cash advances, with no crypto features. For readers tracking the question, the observable signals remain the documents already on record: Step's terms of service, its app store listings, and any future announcement from Beast Industries or Step.

Bitcoin.com News contacted Beast Industries and Step for comment and will update the story if they respond.

Original report via Bitcoin.com News.