Robinhood soars after 30-year old crypto billionaire takes stake

Read Time:1 Minute, 40 Second


But there could be hope on the horizon.

Bankman-Fried, who runs the startup FTX, a cryptocurrency exchange based in the Bahamas, said in the filing that he bought Robinhood shares because he believes they “represent an attractive investment.” He added that his stake is meant to be a passive investment and that he does “not currently have any intention of taking any action toward changing or influencing the control of” Robinhood.

FTX has taken the crypto world by storm, attracting more than a million users since launching in 2019, so having its founder as a strategic investor in Robinhood could help give the brokerage more credibility, not to mention a backer with lots of money at his disposal.
The privately held FTX recently raised new funding that values ​​the company at $32 billion. According to data tracked by Forbes, Bankman-Fried, who is also the founder of crypto trading firm Alameda Research, is worth $21.2 billion.
Welcome to the crypto Super Bowl
FTX had no further comment about Bankman-Fried’s Robinhood stake. Robinhood issued a statement Thursday on its verified Robinhood communications team Twitter feedsaying that “we’re doubling down on creating a multi-generational company where customers can build wealth for their generations.”

“Of course, we think it is an attractive investment, too. We have the best customer base, are introducing great new products, and we have the team to deliver. Our journey is just beginning,” Robinhood added.

The investment from Bankman-Fried could help Robinhood get back on track. Robinhood, along with crypto brokrage rival Coinbase, has struggled this year due to the volatility in the financial markets.

Shares of Coinbase, which plunged earlier this week following a lousy earnings report and weak outlook, rallied in tandem with Robinhood on Friday. Coinbase stock was up about 25%. But its shares are still down 30% this week and more than 70% this year.





Source link
You have to be inform about what is happening in USA go to united states news to see more.

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners. View more
Cookies settings
Accept
Privacy & Cookie policy
Privacy & Cookies policy
Cookie name Active

Who we are

Suggested text: Our website address is: https://updatednews24.com.

Comments

Suggested text: When visitors leave comments on the site we collect the data shown in the comments form, and also the visitor’s IP address and browser user agent string to help spam detection. An anonymized string created from your email address (also called a hash) may be provided to the Gravatar service to see if you are using it. The Gravatar service privacy policy is available here: https://automattic.com/privacy/. After approval of your comment, your profile picture is visible to the public in the context of your comment.

Media

Suggested text: If you upload images to the website, you should avoid uploading images with embedded location data (EXIF GPS) included. Visitors to the website can download and extract any location data from images on the website.

Cookies

Suggested text: If you leave a comment on our site you may opt-in to saving your name, email address and website in cookies. These are for your convenience so that you do not have to fill in your details again when you leave another comment. These cookies will last for one year. If you visit our login page, we will set a temporary cookie to determine if your browser accepts cookies. This cookie contains no personal data and is discarded when you close your browser. When you log in, we will also set up several cookies to save your login information and your screen display choices. Login cookies last for two days, and screen options cookies last for a year. If you select "Remember Me", your login will persist for two weeks. If you log out of your account, the login cookies will be removed. If you edit or publish an article, an additional cookie will be saved in your browser. This cookie includes no personal data and simply indicates the post ID of the article you just edited. It expires after 1 day.

Embedded content from other websites

Suggested text: Articles on this site may include embedded content (e.g. videos, images, articles, etc.). Embedded content from other websites behaves in the exact same way as if the visitor has visited the other website. These websites may collect data about you, use cookies, embed additional third-party tracking, and monitor your interaction with that embedded content, including tracking your interaction with the embedded content if you have an account and are logged in to that website.

Who we share your data with

Suggested text: If you request a password reset, your IP address will be included in the reset email.

How long we retain your data

Suggested text: If you leave a comment, the comment and its metadata are retained indefinitely. This is so we can recognize and approve any follow-up comments automatically instead of holding them in a moderation queue. For users that register on our website (if any), we also store the personal information they provide in their user profile. All users can see, edit, or delete their personal information at any time (except they cannot change their username). Website administrators can also see and edit that information.

What rights you have over your data

Suggested text: If you have an account on this site, or have left comments, you can request to receive an exported file of the personal data we hold about you, including any data you have provided to us. You can also request that we erase any personal data we hold about you. This does not include any data we are obliged to keep for administrative, legal, or security purposes.

Where we send your data

Suggested text: Visitor comments may be checked through an automated spam detection service.
Save settings
Cookies settings