Robinhood to launch a Web3 wallet, LimeWire inks deal with Universal and more

Popular trading platform Robinhood is creating a noncustodial crypto wallet that will be compatible with multiple blockchains. The wallet will be a standalone application with the ability to store nonfungible tokens (NFTs) and connect to NFT marketplaces. A promo video released for the wallet shows a demonstration using Ethereum-based NFTs. Trade and swap crypto with no network fees. A web3 wallet from us. Get early access: https://t.co/qonXj80BEB pic.twitter.com/qLjByPA4ty — Robinhood (@RobinhoodApp) May 17, 2022 The app is a significant step for the company in providing crypto services. Prior to January…

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Terra ecosystem collapses, Sam Bankman-Fried buys Robinhood stock, and crypto trader receives jail sentence for a ponzi scheme: Hodler’s Digest, May 8-14

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Breaking: Terra blockchain officially halted following LUNA price collapse This week, news about the Terra ecosystem dominated the headlines after algorithmic stablecoin TerraUSD (UST) lost its peg to the U.S. dollar — and continued to crash.  At its lowest point during the week, UST fell…

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Robinhood shares spike 30% after Sam Bankman-Fried buys $650M stake

Sam Bankman-Fried, the billionaire founder and CEO of cryptocurrency exchange FTX has acquired a substantial 7.6% stake in the popular online brokerage, Robinhood.  The news was well received by the market, with Robinhood’s (HOOD) stock price initially soaring over 30% in after hours trading. At the time of writing the price has settled to a 24% overall gain. According to a securities filing made with the Securities and Exchange Commission on Thursday, Bankman-Fried purchased a total of $648 million in Robinhood shares at an average price of $11.52. The purchases…

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Grayscale’s GBTC and ETHE products now available on Robinhood

Digital asset manager Grayscale has made its flagship Bitcoin (BTC) and Ether (ETH) products available on Robinhood, the popular trading app open to millions of retail users.  Beginning on Friday, Robinhood users will be able to trade Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) directly through the app. Shares of GBTC provide investors with direct exposure to Bitcoin in the form of a security without having to buy or store the digital asset directly. ETHE, meanwhile, operates as an open-end investment company whose shares reflect the value of Ether…

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Robinhood makes significant strides in crypto business in Q1 despite falling revenue

On April 28, discount-brokerage platform Robinhood published its financial results for the first quarter of 2022. Year-over-year, the firm’s net revenue declined by 43% to $299 million. Specifically, revenue from cryptocurrency trading fell by 39% to $54 million during the same period. This was partly due to a decrease in the interest in meme stocks as well as an ongoing cryptocurrency bear market that dominated much of the first three months of the year. However, despite a decrease in sales, the company’s net cumulative funded accounts rose by 27% year-over-year…

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Robinhood axes almost 1 in 10 staff members as stock hits all-time low

Popular retail trading platform Robinhood has fired 9% of its workforce amid a firesale of its stock that has seen HOOD plunge to all-time lows. In the past 30 days alone, HOOD has tanked roughly 38% to sit at $9.99 at the time of writing, marking the lowest price since the initial public offering (IPO) launch in mid-2021. The decline is part of a longer-term bearish trend that has seen the price of HOOD continually decrease since its all-time high of roughly $70.39 on Aug. 4 2021 according to TradingView.…

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Robinhood acquires British crypto firm Ziglu to push expansion plans

Robinhood, a major cryptocurrency-friendly stock trading app, is pushing global expansion by acquiring the United Kingdom-based crypto asset firm Ziglu. Robinhood officially announced Tuesday that it had signed a deal to acquire Ziglu, subject to regulatory approvals and other closing conditions. The firm declined to disclose the size of the deal to Cointelegraph. “Subject to regulatory approval, in the near term, nothing will change for current Ziglu customers. Longer-term, we’ll integrate Ziglu more fully into Robinhood, bring the Robinhood brand overseas and work to expand operations beyond the U.K. into…

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Robinhood CEO outlines how DOGE could become ‘currency of the internet’

Robinhood CEO Vladimir Tenev took to Twitter on Thursday afternoon to explain how Dogecoin could become the “future currency of the internet.” In a thread of 12 posts to his nearly 200,000 followers, Tenev outlined what steps need to be taken to transform the memecoin into a usable asset for everyday payments and transactions on the internet. Can #Doge truly be the future currency of the Internet and the people? As we added the ability to send/receive DOGE on Robinhood, I’ve been thinking about what that would take. — VLAD…

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ApeCoin eyes 250% rally amid ‘bull pennant’ breakout, Robinhood APE listing rumors

ApeCoin’s (APE) market valuation could grow by nearly 250% in the second quarter of 2022 as it breaks out of a widely-tracked, classic technical pattern. APE price “bull pennant” breakout underway On April 13, APE’s price broke above the upper trendline of what appears to be a “bull pennant” chart pattern. Bull pennants appear when the price consolidates inside a triangle-like structure following a strong uptrend. Many traditional analysts consider them as continuation patterns, for they typically result in the price breaking out in the direction of its previous trend.…

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Shiba Inu price soars 35% in one day as Robinhood lists SHIB for trading

Shiba Inu (SHIB) prices soared on April 12 upon its debut on Robinhood, a U.S.-based commission-free trading platform. SHIB price climbed by more than 35% to 0.00003, its highest level in almost two months, before paring some gains. Nonetheless, SHIB was still on track to log its best daily performance since Feb. 6 when it rallied by nearly 27%. SHIB/USD daily price chart. Source: TradingView Strong crypto revenues precede SHIB’s listing Robinhood emerged as a go-to avenue for everyday investors since the pandemic’s start in March 2020. Last year, the retail…

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