Jimmy “MrBeast” Donaldson is promoting Step as his “brand new banking app”, nine months after cryptocurrency-focused investment firm Bitmine committed $200m to his company, Beast Industries.
In an Oct. 17 video about a couple competing to lose weight for a $250,000 prize, Donaldson said he had deposited $175,000 into each winner’s Step account.
“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,” he said.
The video also advertised a code offering new users $5 after they fund their account and make an initial purchase of at least $5 with a Step card within 30 days. At the time of writing, it had been viewed more than 93 million times.
Beast Industries acquired Step, a financial technology company, in February 2026, roughly one month after Bitmine Immersion Technologies, led by Tom Lee, announced its $200m investment in Beast Industries.
Despite previous suggestions that the deal could lead to cryptocurrency products, Step is not currently offering crypto-related features.
The video’s description states that “Step is not a bank” and says its banking services are supplied by Evolve Bank & Trust. The company’s listings on both the Apple App Store and Google Play Store similarly describe Step as “a financial technology company, not a bank.”
Its advertised services include credit building, at least 1% cashback, 3% on savings, FDIC insurance of up to $1m, EarlyPay cash advances between $20 and $250, and rewards for playing games and completing surveys. Step’s terms clarify that the 3% is a promotional reward rather than interest.
Founded in 2018, Step said in February 2026 that it had attracted more than 7 million users.
When Bitmine announced its investment in January, Beast Industries chief executive Jeff Housenbold said the company was looking forward to “exploring ways to further collaborate and incorporate DeFi [decentralized finance] into our upcoming financial services platform.”
The company did not say whether Step was that platform. A spokesperson said in the spring that Beast Industries had not announced plans to add digital assets to Step and was still assessing the app’s future.
A comparison by Bitcoin.com News of Step’s February 2026 terms, archived by the Internet Archive, with the current version, last updated Sept. 26, 2026, found that a section on crypto rewards had been removed. Previously, users could take rewards as cryptocurrency or stock rather than cash; the current section refers only to stock.
However, the wider definition of rewards still includes cash, points, cryptocurrency, stock or other forms. It also says points may be exchanged for cash, crypto or stock “when available.”
Step ended its crypto asset services in May 2024, after previously allowing users, including minors with parental permission, to trade crypto assets. It is unclear whether the wording change is simply a legal revision, although the current terms do not rule out future crypto features.
Bitmine said its investment would provide access to MrBeast’s young audience and help accelerate adoption of Ethereum-related products. In October 2025, Beast Holdings LLC also filed trademark applications for “Beast Financial” and “MrBeast Financial”, including services covering centralised and decentralised crypto exchanges and crypto payment processing.
Step continues to offer its Visa card, credit-building tools, cashback, savings rewards and cash advances, with no crypto features announced.
