Sock

Sock is a mobile-first financial technology company that provides a self-custodial application for cryptocurrency investing and high-yield savings. The company was founded in 2022 by Rick Johanson (CEO), Bryan Levine, and Chris Titterton, a team with prior experience at firms like NerdWallet, Google, and MyFitnessPal. They launched Sock to offer a more transparent and secure alternative to traditional financial systems and centralized crypto exchanges, aiming to help users build wealth safely.

The platform's core offering is a non-custodial mobile app where users maintain complete control over their funds, which are secured on the blockchain. This model is designed to mitigate risks associated with centralized exchanges. The app allows users to buy, sell, and send cryptocurrencies, including Bitcoin and Ethereum, and supports over 100 other digital assets on the Arbitrum and Bitcoin networks. A key feature is the ability for users to earn high-yield interest, up to 10% variable APY, primarily on stablecoins like USDC, USDT, and DAI, providing a way to combat inflation that can outperform traditional savings accounts. The service also enables instant and free money transfers to over 60 countries by sponsoring network fees on the Arbitrum network.

Sock generates revenue by taking a small transaction fee of 0.85% on trades and swaps. The company is headquartered in San Francisco and operates as a fully remote team. In November 2023, Sock announced a $2.8 million seed funding round led by Haven Ventures, with participation from other investors including Designer Fund and notable angel investors like the founders of MyFitnessPal and the CEO of NerdWallet.

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