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Robinhood IPO | Trading Platform Wants To Go Public, Looking For A CFO

Fintech startup Robinhood offers stock, option, and cryptocurrency trades with zero fees. In an ambitious task, it will soon launch an Initial Public Offering, or in other words a Robinhood IPO.

In light of this, the company is on the hunt for a chief financial officer (CFO) as it takes steps to go public.

Robinhood IPO

Speaking at the TechCrunch Disrupt conference on Thursday, Robinhood CEO Baiju Bhatt, spoke of how the startup has begun to search for a CFO, while at the same, is going through a host of audits in order to be regulatory compliant. The SEC and FINRA are both performing these audits.

Robinhood began cryptocurrency trading back in February. This was in an effort to bring in more revenue and from the off, the platform was popular, drawing over 1 million users to its services within a few weeks. That number has grown to over 5 million at the time of writing.

Following subsequent fundings rounds which it held in May, Robinhood was valued at $5.6 billion, making it the second most valuable fintech startup in the US.

And now we are to expect a Robinhood IPO.

>>Crypto Daily News: Nearly 75% of Americans Know What Bitcoin is Now; Twitter Considering Blockchain

Robinhood

The company offers zero-fee trading, so how does it make money? Well, it has three revenue channels;

 – It charges interest on funds kept in Robinhood Accounts

 – It sells order flow to Stock exchanges needing more liquidity

 – Its Premium subscriptions

Robinhood has been a constant growing brand in the cryptosphere. Recent months have seen the platform add support for more and more coins. Ethereum ClassicDogecoin, Litecoin and Bitcoin Cash have all been recent additions.

Then rumours of it building its own crypto wallet began surfacing. A job-posting looking for specific blockchain engineers in June, was to thank for that.

The company has, in recent weeks, also spoken about obtaining a banking license in order to become a banking services provider.

Featured Image: TechCrunch

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Robinhood Adds Support For Ethereum Classic

Robinhood Adds Support: Robinhood Financial announced yesterday that it would launch Ethereum Classis (ETC) on its trading platform.

And it was no accident that it listed the coin one day before Coinbase was to add ETC to its exchange; the world’s biggest exchange had announced only a few weeks ago that it was in the final stages of testing and that ETC would be available as of August 7th.

Which is today. 

But the announcement did outline that ETC would only be accessible for users with Coinbase Pro and Coinbase Prime accounts and that official trading would not go into effect immediately.

Robinhood Adds Support For Ethereum Classic

It could be mistaken, but it seems the fresher and much smaller Robinhood is trying to beat the big-dog to the punch by introducing ETC trading, a day before its competitor’s, supposed, launch date.

Ethereum Classic will be Robinhood’s sixth crypto offering on its platform.

Robinhood is a newly-launched crypto-trading platform which serves the US. It is expanding on a state-by-state basis and began with only four states earlier in 2018. It now has expanded to 19 states and has a current trading volume of $5.6 billion.

At present, the exchange offers Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE) and now Ethereum Classic (ETC). The platform also tracks market data for 10 other cryptocurrencies which may or may not be added in the months to come

>>Bitcoin Is Getting Bakkt! NYSE Owner To Offer Federally Regulated Market For Bitcoin

Ethereum Classic Price Chart

Back in June, when Coinbase went public with its plans to support ETC, the value of Ethereum Classic shot up 23% in less than 24 hours. And it seems Robinhood could be creating a similar buzz. Currently, the coin is seeing a healthy 10% gain and stands at $19.15.

Robinhood Adds Support
Source: Coinmarketcap – ETC 7-day Price Chart

Or is this because Coinbase is purported to being supporting the coin today? Probably.

Featured Image: Google Images/Altcoin Buzz

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Vitalik Buterin Makes Fortune 40 Under 40

We know their names, but that’s not always enough. To appreciate the young in the world of business, Fortune, a multinational magazine, publishes its ’40 under 40′ list every year. Yesterday, the 2018 Fortune 40 under 40 list was released—and four crypto players made it. Vitalik Buterin makes Fortune 40 under 40, plus more!

Crypto Makes it on the 2018 Fortune 40 Under 40

When Fortune’s under 40 rankings first started, it was to show off the giants of the dot-com boom. But things are different now, with changes being sparked by the 2008 financial crisis.

Now, Fortune still lists those under 40, but instead of showing their wealth, the magazine highlights their influence, achievements, and power—three qualities that a majority of the crypto industry has (if it were up to us, the list would be full of crypto players), but only four made this year’s list.

So, who are the lucky four? 

1. Brian Armstrong Makes Fortune 40 Under 40: CEO of Coinbase 

Brian Armstrong, 34, is ranked 20th, a drop from where he placed in 2017 (he was ranked 10th). 

Achievements: Fortune talks about how Armstrong is moving Coinbase in the direction of becoming “the Google of crypto.”

The magazine noted that Coinbase has a ways to go, but Armstrong is doing all the right things, like investing in upstarts, as well as making acquisitions. 

2. Vitalik Buterin Makes Fortune 40 Under 40: Ethereum Co-Founder 

Born in Russia, Vitalik Buterin, 24, made his debut on the Fortune 40 under 40 in 2016. This year Vitalik Buterin makes Fortune 40 under 40, moving from 31st place to 22nd. 

Achievements: You can’t argue that Buterin isn’t influential (and, at times, controversial) and Fortune recognizes this. The magazine discussed how Ethereum, his blockchain platform, now has a market value of $48B, making it one of the most valuable crypto networks in the world.

3. Pavel Durov Makes Fortune 40 Under 40: Telegram Founder 

Making his debut on the 2018 Fortune 40 under 40, Pavel Durov, 33, is ranked 25th. It’s not a surprise that Durov is ranked, considering it has been one hell of a year for the Russian developer. 

Achievements: Durov is on Fortune’s list because back in March, his company Telegram finished two $850M ICOs. In the end, Telegram’s total ICO earnings came to $1.7B. 

4. Vlad Tenev and Baiji Bhatt Make Fortune 40 Under 40: Robinhood Founders

Again, not a surprise to see these two crypto industry representatives on the 2018 Fortune 40 under 40.

Co-CEOs of Robinhood, a stock trading app, Tenev, 31, and Bhatt, 33, are both ranked 24th. 

Achievements: The above pretty much sums it up. But if you want more, get a load of this: Robinhood is trying to expand crypto trading support and has already raised $363M in funding in an attempt to do so.

The Takeaway

Overall, I would say the 2018 Fortune 40 under 40 is spot on. Some of these crypto players are on the list for a second or third time, while others are making their debuts. 

Either way, the people who have taken the industry to the point that it is at now are getting recognized—and that’s nice to see.

What do you think of the 2018 Fortune 40 under 40 list? Should more crypto players be ranked?

>> Genesis’ Peter Gabriel Invests in Blockchain Startup

Featured Image: Depositphotos/© konstantynov

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Robinhood Adds Dogecoin | Stock App Now Offers 5 Digital Assets!

Robinhood adds Dogecoin: It was all smiles yesterday when Robinhood, a stock trading app, revealed that it added Dogecoin to its platform. But behind the scenes, some are unsure of this event.

Foes say Dogecoin is a parody cryptocurrency. Moreover, they say that because Robinhood supports less than ten digital currencies, many believed the company to be selective over the coins they carried. On the other hand, fans say despite its bizarre nature, Dogecoin has accumulated mainstream interest and has witnessed price peaks throughout the year.

Robinhood Adds Dogecoin, But There’s More

On the market for the past five years, Robinhood has had its share of successes. There have been game-changing announcements, such as the addition of Bitcoin Cash and Litecoin, something that customers have wanted for a while.

Robinhood customers have also expressed an interest in “buying and selling other cryptocurrencies beyond Bitcoin and Ethereum,” explained the company in a post last week.

Some rumors have even floated around the crypto industry that claim that the stock trading app is planning on making a crypto wallet.

Perhaps, however, the addition of Dogecoin will garner the most attention in the weeks to follow.

What Do You Mean, Robinhood Supports Dogecoin?

Choose first; then trade. It’s that simple. If you’re a stock trader on Robinhood, and you’re looking to move into crypto, you will now see Dogecoin on the list of available digital assets for trading. There will be four others listed as well: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Dogecoin Price and Dogecoin Predictions

You can’t deny that Dogecoin is benefitting from the Robinhood listing. At press time, the altcoin was selling for $0.002951, which means the coin is up 12.37% in the past twenty-four hours. It is currently the 30th largest digital currency by market cap.

Robinhood adds Dogecoin
Source: CoinMarketCap

That said, even though Dogecoin is up more than 10%, there doesn’t appear to be much of a dent in the Dogecoin price, which suggests that perhaps the market isn’t overly excited about Robinhood supporting the parody coin—at least not in the long-term; the more than 10% surge could fade quickly.

Or, the opposite could happen. Dogecoin has received critical acclaim, has witnessed price peaks, especially in January of 2018, is known for its focus on zero-fee trading, and has received investments from American rapper and entrepreneur Jay-Z.

So who knows? Parody or not, lack of increase in price or not, Robinhood decided to list Dogecoin over other coins (like Ripple [XRP]) for a reason.

Only Time Will Tell

Robinhood adds Dogecoin as a digital asset available for trading, but will this benefit both Dogecoin and the stock trading app in the long-run? Let us know what you think in the comments below!

>> Coinbase Gets Approval to List Coins that are Securities

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Robinhood Exchange | Adds Support for Litecoin and Bitcoin Cash

Robinhood Exchange: Robinhood, the Financial services mobile app which launched in February of this year, has just announced further developments on its platform. Robinhood has now added support for Litecoin (LTC) and Bitcoin Cash (BCH).

Currently, the Robinhood platform reaches 5 million users and the goal of the Fintech Startup is to “further expand our coin offerings and add support for coin transfers,”. No doubt in an attempt to further its user-base. As it stands the platform trades Ethereum, Bitcoin, Litecoin and Bitcoin Cash. 

Robinhood does not act as an exchange itself, rather it acts as a broker with other exchanges. It is only available in the US which is a catch for some people and more specifically only in 17 states for crypto trading. Those states are Arizona, California, Colorado, Florida, Indiana, Massachusettes, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, Pensylvania, Texas, Utah, Virginia, and Wisconsin.

Though the platform only supports four coins presently, it does provide users with price alerts for 12 other coins too. Ripple, Ethereum Classic, Zcash, Monero, Dash, Stellar, Qtum, Bitcoin Gold, OmiseGo, NEO, Lisk, and Dogecoin.

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Perhaps some of these coins will be supported by the platform in the coming months.

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