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Jay Z’s Company Invests in Robinhood’s Cryptocurrency Trading Platform

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Renowned rapper and producer Jay Z’s leisure firm Roc Nation, based in 2008, has invested in Robinhood’s cryptocurrency buying and selling platform.

Arrive, a subsidiary of Roc Nation, said in an official announcement that it has invested in Robinhood due to its imaginative and prescient to enhance the accessibility of monetary markets. Arrive’s assertion emphasised the significance of Robinhood’s cryptocurrency enterprise, including: “Robinhood Crypto (…) will bring commission-free trading of Bitcoin and Ether to the Robinhood platform.”

Neil Sirni, the president of Arrive, wrote:

We imagine in Baiju and Vlad’s mission to make the monetary markets extra accessible and price environment friendly for patrons of all measurement. Robinhood could have our help as they execute the long-term imaginative and prescient of their firm.

According to Robinhood, over 1,000,000 customers have utilized to affix the ready record of Robinhood Crypto, a platform that permits anybody to commerce shares, exchange-traded funds (ETFs), and main cryptocurrencies comparable to Bitcoin and Ethereum concurrently, utilizing the identical utility.

The entrance of Robinhood into the cryptocurrency market is extremely anticipated by the worldwide cryptocurrency group as a result of the vast majority of Robinhood’s buyer base is from the standard monetary markets and commerce shares, ETFs, and commodities each day. The launch of Robinhood Crypto is predicted to introduce many hundreds of thousands of current customers of the Robinhood platform to a comparatively new asset class in cryptocurrencies.

A big portion of the crypto group can also be enthusiastic about Robinhood’s potential to evolve into the primary actual competitor to Coinbase, the juggernaut that has grow to be one of many largest firms in the sector together with Bitmain and Binance.

Although the launch of Robinhood Crypto is extremely anticipated, Arrive’s assertion revealed that Robinhood has solely “over three million” customers and is valued at US$1.three billion. Existing firms within the cryptocurrency sector comparable to Coinbase and Binance have considerably bigger person bases and market valuations. Hence, the impression of Robinhood’s entrance into the cryptocurrency market could possibly be overblown.

In distinction, Coinbase has properly over 10 million customers, and it surpassed the 10 million person mark in November 2017. In simply six months, Binance has acquired over 6 million customers, including 1 million customers per 30 days. Given that each Binance and Coinbase have at the very least three million extra customers than Robinhood, the launch of Robinhood Crypto is probably going overhyped.

More importantly, though Robinhood Crypto has added over 1 million customers to its ready record, it’s attainable that current clients of Coinbase and Binance have utilized to Robinhood Crypto to make the most of numerous cryptocurrency buying and selling platforms.

It continues to be an optimistic signal that billion greenback firms outdoors of the monetary and cryptocurrency industries are investing in cryptocurrency merchandise and exchanges. Evidently, the cryptocurrency markets and most companies inside the sector are nonetheless in an early stage by way of person exercise, market valuation, and scalability.

Multi-million greenback investments within the cryptocurrency world by high-profile traders are useful for each occasion within the sector, together with companies and clients, as a result of companies can have extra capital to take care of their operations and clients can profit from competitors within the sector.

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