Robinhood, the popular millennial trading platform, released its earnings report on May 8 and managed to surpass analyst estimates. The first-quarter results showcased record revenues of $618 million, marking a significant 40% increase year-over-year. Notably, revenue from cryptocurrencies saw an impressive surge of 232% to $126 million. This surge was largely driven by transaction-based revenues
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Recent developments in the United States legislative arena have brought forward a new proposal known as the Blockchain Integrity Act. This bill, introduced by Congressman Sean Casten and supported by other representatives, aims to impose a temporary halt on financial institutions engaging in transactions involving funds that have passed through crypto mixers. The proposed legislation
Robinhood’s crypto division recently received a Wells Notice from the US Securities and Exchange Commission (SEC) on May 4. This notice followed an ongoing investigation by the Gary Gensler-led Commission staff into Robinhood’s “cryptocurrency listings, custody of cryptocurrencies, and platform operations” before recommending an enforcement action against the firm. The Chief Legal Officer at Robinhood
Robinhood Markets Inc. is the latest crypto trading platform in the crosshairs of the Securities and Exchange Commission (SEC). The SEC has informed Robinhood that it is considering filing a lawsuit alleging violations of Sections 15(a) and 17A of the Securities Exchange Act of 1934. Section 15(a) prohibits broker-dealers from effecting securities transactions without proper
In recent years, there has been a significant shift towards metaverse commerce, where physical goods are sold through virtual platforms. This emerging trend has captured the attention of major retailers, with Walmart’s recent decision to enter the popular gaming platform, Roblox, to sell its products. But what exactly does metaverse commerce entail? The metaverse is
Recently, six Coinbase customers took legal action against the popular cryptocurrency exchange, Coinbase Global, along with its subsidiaries and CEO, Brian Armstrong. The class-action lawsuit, filed on May 5, makes the bold claim that the digital assets offered on Coinbase are, in fact, securities. This includes well-known tokens such as Solana, Polygon, Near Protocol, and
Block, owned by X co-founder Jack Dorsey, recently announced that they will be investing 10% of profits made from bitcoin-related products into monthly BTC purchases. In his Q1 2024 earnings report, Dorsey emphasized the importance of bitcoin as the best candidate for a decentralized open protocol for money. This move comes as Block addresses concerns
Coinbase, the leading cryptocurrency exchange in the United States, recently reported its earnings for the first quarter of 2024. The company’s total revenue for the quarter stood at a remarkable $1.6 billion, representing a substantial 72% increase compared to the previous quarter. Moreover, Coinbase’s net income reached an impressive $1.18 billion, equivalent to $4.40 per
The recent announcement by Animoca Brands to enter the Bitcoin ecosystem through the Opal Protocol marks a significant step towards revolutionizing the digital landscape. Partnering with Darewise, a metaverse technology platform, Animoca Brands aims to develop the largest Web3 ecosystem that encompasses gaming, entertainment, DeFi, education, and culture. The Opal Protocol, a decentralized ecosystem protocol
Ripple recently announced a groundbreaking partnership with HashKey Group, aimed at introducing XRP Ledger (XRPL) enterprise solutions to the Japanese market. This joint venture with HashKey DX, a specialized consulting company based in Tokyo, signifies a significant step towards revolutionizing supply chain finance solutions in Japan. The partnership will see the deployment of cutting-edge technology