Robinhood To Expand Crypto Sevices

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.

- Advertisement -

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.

- Advertisement -

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.

- Advertisement -

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.”

Previous Articles:

- Advertisement -

Latest

Crypto Market Stays Greedy Despite Israel-Iran Tensions, Bitcoin Dips

The Crypto Fear & Greed Index remained in the "greed" zone, with a score of 60, after Israel's recent airstrikes on Iran.Bitcoin dropped 2.8%...

Bitcoin ETFs See $1.3B Inflows Despite Israel-Iran Conflict Fears

Bitcoin ETFs reported five straight days of capital inflows despite ongoing geopolitical tensions between Israel and Iran.Total inflows reached over $1.3 billion from June...

Cardano ADA Falls as Whales Sell, Foundation Launches Originate

Cardano's ADA token declined 1.71% in 24 hours, stabilizing at $0.62 after a period of significant selling pressure from large holders. Whales reportedly sold over...

CRYPTO MINING FIRM Offers Daily Cloud Mining Profits, Cash Bonuses

Cloud mining through CRYPTO MINING FIRM enables users to generate Passive income with cryptocurrencies.The platform offers contracts with varying investment sizes, with daily profits...

DHS and ICE Expand AI Surveillance, Raising Privacy Concerns

The Department of Homeland Security and U.S. Immigration and Customs Enforcement are increasing their use of Artificial Intelligence to monitor immigrants and U.S. citizens. Military-grade...

Must Read

How Much Money Do You Need To Start In Crypto?

TL;DR -If you are wondering How Much Money Do You Need To Start In Crypto, note that is less than you are probably thinking....