Robinhood, a crypto trading firm, has repurchased the 55 million shares owned by FTX founders Sam Bankman-Fried and Gary Wang through Emergent Fidelity Technologies, which were seized as part of a criminal case against Bankman-Fried. The shares were transferred to the US in January and were filed to be sold in August. Robinhood paid $605 million to repurchase the shares in an agreement with the US Marshal Service. <br>
Robinhood to buy back shares of SBF's Emergent Fidelity Technologies from the U.S. government for $605.7 million
Odaily Planet Daily News reports that Robinhood has signed an agreement with the US Marshals Service (USMS) to buy back SBF's Emergent Fidelity Technologies shares for $605.7 million. After FTX and Emergent filed for bankruptcy protection last year, Robinhood's shares were seized and subsequently handed over to the US government for safekeeping.
Robinhood, the popular financial platform, has expanded its self-custody Web3 wallet to include Bitcoin and Dogecoin networks, allowing users to securely manage, transmit, and receive cryptocurrencies.
Robinhood identified as one of the largest holders of Ethereum, holding $2.54 billion in custody for users
According to Arkham Intelligence, Robinhood is one of the largest holders of ether, with the 5th largest ETH wallet holding $2.54 billion. The funds in the wallet are held in custody for user balances. Robinhood's crypto trading activity has been declining, with second quarter revenue falling to $31 million compared to the first quarter's $38 million. The company has announced that its wallet product will now support custody, send, and receive for Bitcoin and Dogecoin, in addition to Ethereum swaps, in response to user requests.
Robinhood Wallet has announced the addition of new features to its non-custodial crypto wallet, including support for Bitcoin and Dogecoin, in-app swaps on the Ethereum network, and connection to a range of decentralized applications. <br>
Investment platform Robinhood revealed on Wednesday that users of Robinhood's self-custody Web3 wallet can now use the Bitcoin and Dogecoin networks to custody, send, and receive cryptocurrencies.
According to CoinDesk citing sources, Robinhood Markets Inc., a retail brokerage firm, entered the cryptocurrency field a few years ago with the support of Chicago-based giant Jump Trading. The two companies no longer have a cryptocurrency partnership.
Blockchain intelligence firm Arkham has identified Robinhood, a retail trading giant, as the third largest holder of Bitcoin. The firm has "deanonymized" blockchains by identifying and labeling addresses through on-chain analysis. Robinhood's Bitcoin address, previously unidentified, is now the third biggest in the world after crypto exchanges Binance and Bitfinex. The wallet began accumulating in mid-May and currently contains 118,300 BTC worth $3,066,545,354. <br>
A Bitcoin address that recently accumulated 118,000 BTC has been attributed to Robinhood, although the company has not confirmed or denied the allegations. This would make Robinhood the third-largest holder of BTC, a position traditionally held by crypto-native exchanges. However, Robinhood's user base is known for speculative trading, which raises questions about their approach to Bitcoin and the potential risks associated with holding such a large amount. <br>
XRP has fallen 2.3% to $0.515 and is seeking support and liquidity before attempting to reach $1. The token is currently trading below major moving averages, but is being supported by a multi-month ascending trendline.