THELOGICALINDIAN - Robinhood laid off 9 of its workforce aftermost ages but its crypto business is proceeding incessant
Robinhood has listed both the Grayscale Bitcoin Trust and Grayscale Ethereum Trust. This comes in the deathwatch of Robinhood’s above layoffs, as able-bodied as Grayscale’s action with the SEC over a Bitcoin atom ETF.
Robinhood Traders Gain Exposure
Robinhood users accept new options for crypto acknowledgment today.
The accepted retail trading app had added abutment for Grayscale’s Bitcoin and Ethereum articles on its platform. This advertisement comes afterwards Robinhood’s Q1 2022 results were appear aftermost week, in which it appear a 43% dip in net revenues from the antecedent year.
Robinhood has suffered to the point of laying off about 9% of its full-time employees, a move appear two canicule afore it appear its Q1 financials. Accordingly, Robinhood’s banal amount is aloof aloft $10, bottomward from a 52-week aerial of $85. The company’s Chief Financial Officer, Jason Warnick, acclaimed the losses in the Q1 report:
“We’re seeing our barter afflicted by the macroeconomic environment, which is reflected in our after-effects this quarter… At the aforementioned time, we’ve additionally fabricated advance on our abiding affairs and abide to accompany them aggressively.”
Meanwhile, the better crypto asset manager, Grayscale, filed with the Securities and Exchange Commission bygone on Form 10 for the Grayscale Horizen Trust, the Grayscale Stellar Lumens Trust, and the Grayscale Zcash Trust. This comes afterwards Vanguard, which manages $7 abundance in assets, announced aftermost ages that it would be awkward its abutment for the GBTC and ETHE.
Grayscale additionally has an accessible appliance with the SEC to catechumen its Grayscale Bitcoin Trust into a Bitcoin atom exchange-traded fund, article the Commission has again banned to admittance due to apropos over the abeyant for bazaar abetment and abridgement of customer protection. On Mar. 28, the agenda asset manager’s arch controlling officer, Michael Sonnenshein, said it would accede a accusation with the SEC if its Bitcoin atom ETF appliance were not approved.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, and several added cryptocurrencies.
