Robinhood laid off 9% of its crew final month, but its crypto industry is proceeding unabated.
Key Takeaways
- Robinhood now supports the Grayscale Bitcoin Belief and Grayscale Ethereum Belief.
- Whereas its total industry has suffered, Robinhood’s crypto revenue grew from Q4 2021 to Q1 2022.
- Grayscale has also submitted new crypto-based merchandise to the SEC for consideration.
Robinhood has listed each the Grayscale Bitcoin Belief and Grayscale Ethereum Belief. This comes in the wake of Robinhood’s main layoffs, to boot to Grayscale’s wrestle with the SEC over a Bitcoin put ETF.
Robinhood Merchants Compose Exposure
Robinhood users be pleased new solutions for crypto exposure as of late.
The everyday retail procuring and selling app had added strengthen for Grayscale’s Bitcoin and Ethereum merchandise on its platform. This record comes after Robinhood’s Q1 2022 outcomes be pleased been released final week, proper by which it printed a 43% dip in accept revenues from the outdated year.
Robinhood has suffered to the point of shedding round 9% of its beefy-time staff, a transfer introduced two days sooner than it released its Q1 financials. Accordingly, Robinhood’s stock label is solely above $10, down from a 52-week excessive of $85. The firm’s Chief Monetary Officer, Jason Warnick, noted the losses in the Q1 order:
“We’re seeing our customers suffering from the macroeconomic atmosphere, which is mirrored in our outcomes this quarter… On the similar time, we’ve also made development on our long-term plans and continue to pursue them aggressively.”
Meanwhile, the supreme crypto asset supervisor, Grayscale, filed with the Securities and Change Price the day prior to this on Compose 10 for the Grayscale Horizen Belief, the Grayscale Stellar Lumens Belief, and the Grayscale Zcash Belief. This comes after Vanguard, which manages $7 trillion in assets, introduced final month that it would be halting its strengthen for the GBTC and ETHE.
Grayscale also has an originate software with the SEC to convert its Grayscale Bitcoin Belief into a Bitcoin put change-traded fund, something the Price has over and over refused to permit due to concerns over the likely for market manipulation and lack of shopper security. On Mar. 28, the digital asset supervisor’s chief govt officer, Michael Sonnenshein, said it may perchance most likely perchance preserve in mind a lawsuit with the SEC if its Bitcoin put ETF software weren’t authorized.
Disclosure: On the time of writing, the creator of this part owned BTC, ETH, and loads of alternative diverse cryptocurrencies.
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