One of the most popular crypto trading apps and mobile investment platforms, Robinhood, is now ready to lift itself through an initial public offering (IPO). After launching as a zero-commission cryptocurrency trading service earlier this year, the startup is now searching for a chief financial officer (CFO) that would take the company to new heights.
The CEO of Robinhood was first to announce this while speaking at a TechCrunch even on Thursday this week. The CEO, Baiju Bhatt, revealed that Robinhood is “actively looking for a CFO” and going public is “definitely” the company’s plan in the medium to long-term.
As he stated:
“Being a public company I think aligns very closely with our mission as well. And it’s definitely on the horizon, not in the immediate term, but that’s something we are thinking about.”
Bhatt also said that as a financial service company, everything is being audited by financial regulators in the US such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority.
Meanwhile, in May Robinhood announced that it raised $363 million in a Series D round funding led by DST Global and Sequoia Capital, which valued the firm at $5.6 billion. This made Bhatt believe that the company could easily “become either the largest or one of the largest crypto platforms out there” by the end of this year.
Bitcoin’s Problems Can Be Solved By Leaving The Proof-Of-Work System: BIS
“Simple calculations suggest that once block rewards are zero, it could take months before a Bitcoin payment is final, unless new technologies are deployed to speed up payment finality.”However, in the study there is little praise for the Lightning Network as well, claiming that it could help but the real remedy for improving the network would be by saying goodbye to the proof-of-work method. Leaving the protocol would likely require a sort of coordination and possible institutionalization. The conclusion is basically that ‘’in the digital age too, good money is likely to remain a social construct rather than a purely technological one.’’ The Bank for Institutional Settlement is basically a group of 60 central banks which account almost 95 percent of the global GDP. BIS issued another report a few weeks ago where it was explained that nearly seventy percent of the central banks in the world are researching the option for a central bank digital currency and how to issue it. The major financial institution found a solid correlation last September between the crypto prices and the news about regulation that swamped the news platforms worldwide.
Bitcoin ATMs Number Keeps On Increasing, The Question Is Why?
UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."
Wall Street Investors Need ETNs To Join The Crypto Space: CBOE President
“The power of having that future there is also having an ETN that is more attractive to retail, and then institutions can lay that risk off on the listed futures market. [...] Absent that leg and introducing trackers or notes, I think we will be in this, 'It trades every day, but it is not the story.'”He also said that the main reason why regulators did not approve a Bitcoin exchange-traded product such as the (still-pending) ETF applications is that the regulators cannot protect investors from manipulation on a market. “You answer that question, you get your first ETN,” the president of CBOE concluded.
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