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- David Hoffman shifted from mental health to crypto, founding Bankless to promote financial self-sovereignty.
- David launched Bankless Ventures to fund Web3 startups and actively advises projects like zkSync and Galleon.
David Hoffman never imagined his life would shift from psychology to the crypto industry. Once upon a time, he was sitting in a Seattle children’s counseling room, listening to stories of anxiety and trauma. Today, he’s speaking on the Bankless podcast, discussing altcoins, Ethereum, and the future of global finance.
The transition may sound like fiction—but for David, it all started with a simple question: “How do people take control of their lives without relying on systems that hold them back?”
David Hoffman: From Counseling Rooms to Crypto Curiosity
David grew up in Seattle, though he spent four years of college in Orange County, California. He attended Chapman University, majoring in psychology and fine art, far from blockchain. While pursuing his degree, he also developed an interest in nutrition and physical health, an unusual combination in college.
After graduating, he returned to Seattle and worked as a counselor at a children’s mental health agency. It was there that he first realized how traditional systems, including medical and financial systems, often limit individuals’ ability to thrive on their own. It wasn’t a “eureka” moment, but more like a series of little dots that slowly shaped his new direction.
In between jobs, he started to pay attention to crypto. In 2017, he started to seriously explore blockchain technology. It might have seemed strange at the time—a therapist talking about Ethereum? But David wasn’t interested in living up to expectations.
Founding Bankless and Breaking the Mold
Slowly but surely, David left his job in the mental health world. He joined as a blockchain researcher on two early projects, then moved to RealT, a real estate tokenization platform. But the pivotal moment came when he and Ryan Sean Adams decided to found Bankless in September 2020.
Bankless isn’t just a podcast or a newsletter. For David, it’s a way to spread a big idea: that people can manage their own money without relying on banks. He even stated that 99% of his wealth is stored in Ethereum, not in a traditional bank account.
Bankless is not only educational but also a loud voice for the “bank-free” lifestyle. They talk about staking, altcoins, and the philosophy of financial freedom. Many first heard about them on YouTube and then fell into the deep DeFi space.
Expanding Impact Through Web3 Investments
On the other hand, after building a large community through media, David felt it was time to expand his influence into the investment path. So in 2023, Bankless Ventures was born, an early-stage venture fund to support Web3 projects. Not just branding, David stepped in directly as General Partner.
In a short time, Bankless Ventures managed to raise up to $35 million and began supporting new startups in the crypto world. Not only that, David also became an angel investor in various projects such as Aztec, BlockNative, Connext, and Optimism. He even became an advisor on several Web3 projects, such as zkSync and Galleon.
However, David’s path was not always smooth. In early 2025, he and his team were involved in an internal polemic regarding their investment in the AICC project. Some shares were sold without their knowledge, so Hoffman had to step in directly and buy back the shares so as not to tarnish their reputation. A reminder that the crypto world is fast-paced, but also full of drama.
