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Robinhood expands its crypto offerings with three major tokens despite market headwinds, as Bitcoin struggles below $109K and trading volumes drop 22% week-over-week.
Robinhood shares soared to an all-time high of $112 on Friday, crossing the $100 billion market capitalization milestone with a 38% gain over 30 days following regulatory developments and new tokenized trading features.
Ark Invest sold off $6.5 million worth of Coinbase shares, $5.8 million Robinhood shares, and $1.7 million Block Inc. shares amid a broader crypto market rally.
Robinhood’s launch of tokenized stocks for private companies like OpenAI and SpaceX has sparked controversy, with both firms denying any endorsement.
Robinhood (NASDAQ: HOOD) introduced tokenized versions of US ETFs and private company stocks, sending its stock price up 12.77% to $93.63.
Synthetix contributors have proposed to acquire the decentralized options platform Derive to promote perpetual futures strategies.
Robinhood is set to enter Canada’s crypto market by acquiring WonderFi for $250 million, expanding its global crypto presence.
Vlad Tenev recently noted the potential of crypto tokenization to allow retail investors to access private companies like OpenAI and SpaceX.
With its acquisition, Robinhood is looking to leverage the company’s operational license to enter the Asian market.
Robinhood plans to introduce futures trading for diverse assets including Bitcoin, commodities, and forex, marking a significant expansion of its platform offerings.
Robinhood Markets expands European presence with Spanish trading app launch, offering crypto services and staking rewards while pursuing strategic growth through Bitstamp acquisition.
Robinhood has been tailoring its platform to meet the needs of European users. When the company launched its first crypto staking services in May, it was accompanied by the introduction of localized versions of its app for users in Italy, Poland, and Lithuania.
The dog-themed meme coin WIF has now been listed by top-tier exchanges including Binance and Coinbase, signaling its heightened demand.
Robinhood appears well poised to attract a larger user base and take its place as one of the leading platforms in the crypto industry.
Following announcements by Robinhood and Coinbase to list PEPE, the meme coin’s price skyrocketed by 52%, reaching an all-time high of $0.0000193.