Retail trading giant Robinhood identified as third largest holder of Bitcoin
– Blockchain intelligence firm Arkham has identified Robinhood as the third largest holder of Bitcoin.
– The firm labeled Robinhood’s Bitcoin address as “Robinhood: Jump Trading Custody.”
– Robinhood has been receiving crypto services from Chicago-based trading firm Jump since 2019.
– The identified Bitcoin address is now the third biggest in the world, after Binance and Bitfinex.
– The wallet has accumulated 118,300 BTC worth $3,066,545,354.
Robinhood delisting Solana, Cardano, and Polygon after SEC crackdown
– Robinhood’s chief legal officer, Dan Gallagher, stated that the firm is delisting smart contract platforms Solana, Cardano, and Polygon.
– This decision comes after the SEC’s crackdown on the digital asset industry.
– Robinhood will also be reviewing its crypto options moving forward.
– Gallagher, a former commissioner of the SEC, is actively reviewing the SEC’s complaints to determine the necessary actions.
Hot Take: Robinhood’s growing presence in the crypto market
Robinhood’s identification as the third largest holder of Bitcoin highlights its growing presence in the crypto market. With a substantial Bitcoin stash worth billions of dollars, it solidifies the platform as a major player. However, Robinhood’s decision to delist certain cryptocurrencies in response to the SEC’s actions raises questions about its commitment to the crypto industry. It remains to be seen how this move will impact Robinhood’s relationship with its crypto user base and its future in the rapidly evolving crypto market.
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