Robinhood will act globally with Crypto-First approach
Robinhood will act globally with Crypto-First approach
- The Chief Brokerage Officer from Robinhood said Krypto would be the "simplest" means of becoming global
- The executive also stood against "meme shares" and described such securities as "probably a fad".
According to Steve Quirk, Chief Brokerage Officer of the company, the Robinhood stock trading platform wants to expand internationally with a "crypto-company" approach.
In a (n Interview with CNBC said Quirk, Robinhood Wolle. And crypto would achieve the greatest traction to enable the company's expansion.
"From a supervisory point of view and all the other aspects that go hand in hand with it, it is probably the easiest way to get global," said Quirk.
The manager also commented on the “meme stock phenomenon” of 2021 and described it as a probable “fad”.
"The only thing I would say is that I only look at customer behavior and tell them that they are not even among the best names that are traded more."
The decision to break away from meme shares does not come as a surprise.
Back in 2021, Robinhoods user Brokers to suspend the trade in Gamestop shares and other "meme shares" value papers, spurred on by the zeal for the buying of retailers who aim to bet on Wall Street against failing companies that were difficult to hit by the COVID-19 pandemy.
The cryptoandel is offered through his subsidiary Robinhood Crypto, LLC. The platform currently lists seven assets, including Bitcoin, Ether, Ether Classic, Litecoin, Dogecoin, Bitcoin Cash and Bitcoin SV. Last month, the platform published a beta version of its Digital Asset Wallet, known as Wenwallets, for 1,000 selected customers. The company hopes to increase this number to 10,000 by March.
laws and regulations managed by the Office of Foreign Assets Control, restrict foreign users to use the platform outside the US boundaries. A planned expansion with a crypto front and center could help to support the poor profits of the past year and increase the company's stock value.
at the end of January, the Robinhood shares (Hood) fell 15 % in a low-stock trade to a low of $ 9.77 after an unfavorable result report with a designated net loss for the fourth quarter of hundreds of millions had been reported. The share price recovered from its lows on January 28th and has increased by 34 % to around $ 13.52.
In July, the brokerage company noted its IPO on the Nasdaq exchange with $ 38 per share with a company valuation of $ 32 billion.
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The article Robinhood to Go Global With 'Crypto-First' Approach is not a financial advice.
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