News
The full launch and removal of the 1 million waitlisted users come six months after Robinhood launched its beta version in September.
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Robinhood News
Robinhood is a trading platform that allows users to buy and sell cryptocurrency. Technically, Robinhood is a cryptocurrency broker that allows users to transact, purchase and store altcoins and Bitcoin (BTC).
Unlike most exchanges, users cannot withdraw their cryptocurrencies from their Robinhood accounts. Instead, they need to sell their coins or tokens and transfer the proceeds from the sale to an external account. The platform offers coins such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Dogecoin (DOGE) and accepts USD fiat currency. In addition to these cryptocurrencies, users can purchase stock, options and exchange-traded funds (ETF) on Robinhood.
Robinhood is one of the most popular crypto platforms due to its user-friendly interface. Also, there are no charges for opening an account, trading or transferring cryptocurrency out of Robinhood. The company derives its income from transaction-based sources, including payments for order flow.
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The firm said it received an investigative subpoena in December regarding its crypto listings, crypto custody and platform operations.
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The shares were bought by FTX founder Sam Bankman-Fried and co-founder Gary Wang last year and have been tussled over since the collapse of FTX.
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A since-removed tweet called on Robinhood’s 1.1 million Twitter followers to each pay $0.0005 for a token called “RBH” on the BNB Smart Chain.
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The Justice Department said it had seized 55,273,469 shares of Robinhood and more than $20 million in U.S. currency as part of the criminal case against Sam Bankman-Fried.
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The legal team confirmed the U.S. Departure of Justice was in the process of seizing the Robinhood shares but said SBF was “compelled to reply” given other claims.
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Officials reportedly told a bankruptcy judge they were in the process of seizing 56 million shares of Robinhood tied to FTX and its former CEO, Sam Bankman-Fried.
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An affidavit by the FTX founder revealed that Alameda funded the purchase of Robinhood shares, which were later used as collateral for Alameda to secure a loan from BlockFi.
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The 56 million Robinhood Markets shares at stake are currently worth around $450 million.
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While BlockFi has attempted to separate itself from FTX and Alameda in its bankruptcy proceedings, it has many financial ties to firms owned by SBF.
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BlockFi is demanding Bankman-Fried’s investment company turn over its shares in Robinhood as collateral it agreed to pay as part of a pledge agreement.
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Polygon’s list of high-profile partners is getting longer, with Disney, Starbucks and Robinhood already boarding its blockchain.
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The Robinhood CEO also announced the brokerage firm’s plans to expand the Robinhood Wallet internationally in the months to come.
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As a blockchain network of choice, Polygon offers scalability, speed, low network fees and a robust developer ecosystem, according to Robinhood.
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Apart from USDC support, FV Bank also plans to launch a custody service in Q4 2022, targeting major coins like Bitcoin and Ethereum.
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