Vlad Tenev, CEO of Robinhood, confirmed that it will list further cryptocurrencies and employ additional crypto employees, as Forbes reported. The announcement follows a large scandal over the de-listing of different “meme stocks” by the firm, which led to charges of Wall Street collusion.
Since prohibiting the trade of DOGE and GME in critical market fluctuations and Wall Street collusion, the infamous Robinhood Brokerage has consistently been questioned of unfair trade.
Tenev said, in a video posted on Thursday, that the organization is focusing on its wallet functionality and is reviewing new coin listings.
“As much as people are bugging me on that on social media, I’m bugging our crypto team and our software engineers. We’re going to try and get that done as fast as possible. And we’ll see. We might add some new coins along the way”
Vlad Tenev, CEO, Robinhood
In his video, Tenev mentioned that Robinhood will employ loads of people to perform their activities relevant to the cryptocurrency sector and derided Coinbase along with other exchanges.
“One thing that we’re probably not doing as great of a job communicating to customers is just how cost effective our offering is,” said he. “If you trade on Coinbase, or some of these other, kind of smaller outfits, you’re paying 1%, 2%, even more.”
The CEO directly confessed to the public’s mistrust and loss of confidence due to the sale of the GME shares and other properties in a series of social media messages that generated an interest and price bubble and burst
Several representatives of the Reddit community WallStreetBets spotted hedge funds had gross overexposed exposure to GameStop and net billions of dollars in liquidations in January. Just $2 billion was required to save one hedge fund, Melvin Capital.
The GME pump represented retail traders’ first success in beating Wall Street, whilst the de-listing of Robinhood GME caused an uproar around the exchange. Without approval from merchants, Robinhood closed some long places, resulting in lost money and allegations of wrongdoing and conspiracy with Wall Street partners of Robinhood.
Furthermore, the business suspended all crypto trading at the stage of a purchasing spree that public personalities such as Elon Musk promoted. Once more, retailers felt indignation. The shift. However, in February Robinhood introduced another three million additional users of crypto.
He was called to witness before the US Senate and refused to address queries about potential misconceptions he had informed the media about supply issues and explanations why crypto-trading was stopped.
In the recent video, he admitted that Robinhood has sustained reputational damages, claiming that “we’re doing as much as we can to get the true story out there.”