Crypto exchanges FTX US and Bitstamp USA are engaged on providing inventory buying and selling, which might be an additional blow to Robinhood as its share worth slumps to new lows.
FTX US President Brett Harrison tweeted on Tuesday that the crypto alternate is “onerous at work on shares,” commenting {that a} launch could be coming in “a pair months.”
We’re onerous at work on shares! Options we’re planning for day 1:
-Dwell BBO and historic candles
-Inventory screening/search performance
-Primary fundamentals (market cap, P/E ratio, dividend yield)
-Portfolio efficiency monitoring, order/commerce particularsWhat else ought to we’ve got? pic.twitter.com/q2bTpsfuna
— Brett Harrison (@Brett_FTXUS) January 11, 2022
This isn’t FTX’s first dalliance with shares. Again in Oct. 2020, the worldwide arm of the crypto alternate launched a function to permit its clients to entry fractionalized buying and selling in tokenized shares.
And Bitstamp USA CEO Robert Zagotta stated in a Jan 14 interview with Bloomberg that the alternate is contemplating getting into shares, non-fungible tokens (NFTs) and crypto derivatives.
Providing low value equities buying and selling would enable the 2 crypto exchanges to draw an analogous person base of meme inventory fashion buyers as Robinhood, which gives each crypto and inventory buying and selling.
The extra competitors is unlikely to be welcomed by Robinhood ($HOOD) at this level. With meme inventory and crypto buying and selling cooling down, the American monetary companies firm closed at an all-time low of $15.30 on Jan 13.
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Robinhood is approaching the market from the wrong way to the 2 exchanges, starting with shares and shifting into crypto. It’s been including new options to its crypto service for a while, and plans to roll out the beta model of its crypto pockets function this month. It will allow customers to withdraw cryptocurrency from the platform.
$HOOD closes at an all time low.
— unusual_whales (@unusual_whales) January 13, 2022
One potential shiny spot for Robinhood is curiosity from the Shiba Inu neighborhood. Shiba Inu Coin ($SHIB) has been pumping on rumors that it may very well be listed for buying and selling on Robinhood as early as subsequent month. The altcoin rebounded by practically 30% in three days. Nevertheless CEO Vlad Tenev has denied such reviews on a number of events.
