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Robinhood to axe 7% of full-time staff in latest round of layoffs: Report

June 27, 2023 Coin Telegraph

Coin Telegraph

Roughly 150 full-time employees are being laid off, according to internal company messages.

Online brokerage firm Robinhood Markets will reportedly lay off roughly 150 full-time staff — 7% of its total workforce — in its third round of layoffs in just over a year.

According to an internal company message seen by The Wall Street Journal, Robinhood Chief Financial Officer Jason Warnick reportedly wrote that the cuts were being made to “adjust to volumes and to better align team structures.”

A Robinhood spokesperson did not confirm or deny the layoffs in comments to Cointelegraph, but stated:

“We’re ensuring operational excellence in how we work together on an ongoing basis. In some cases, this may mean teams make changes based on volume, workload, org design, and more.”

The reported layoffs come just five days after Robinhood acquired credit card firm X1 in a $95 million deal. Last year, Robinhood cut its total headcount by 9% in April and let go of 23% of its remaining staff in August as a decline in trading activity and subdued prices of equities and cryptocurrencies saw profit margins shrink.

The two cuts accounted for the loss of more than 1,000 staff.

At its peak in the second quarter of 2021, Robinhood boasted 21.3 million active users and more than $565 million in revenue. Things have soured for the brokerage firm of late, with Robinhood’s Q1 2023 results showing a 44% decline in monthly active users and a 30% year-over-year decline in revenue.

*Transaction-based revenues since Q1 2021. Source: Robinhood*

Robinhood shares are currently changing hands for $9.63, up 18% for the year despite having fallen more than 82% from its all-time-high, notched in August 2021.

Magazine: Bitcoin 2023 in Miami comes to grips with ‘shitcoins on Bitcoin’

Cardano’s worst week since May 2021 is over — Will ADA price rebound 40%?

June 12, 2023 Coin Telegraph

Binance

The price of Cardano lost 30% over the past week as it gets delisted from popular trading platforms such as Robinhood following the U.S. SEC intervention.

Cardano (ADA) bounced modestly after losing nearly 30% of its valuation in the previous week, its worst seven-day performance since May 2021, when the Terra collapse sparked a cryotocurrency market crash.

Nonetheless, ADA looks ready to undergo a sharp recovery in the coming months, based on technical analysis.

ADA price up 30% from six-month lows

On June 12, ADA price rose 2.25% to $0.28, up around 27% from the six-month low of $0.22 seen last week. The rise appeared alongside gains elsewhere in the crypto market, hinting at investors buying the dip.

*ADA/USD daily price chart. Source: TradingView*

The reasons behind Cardano's bad week include the U.S. Securities and Exchange Commission (SEC) deeming it an unregistered security in the lawsuits filed against crypto exchanges Binance and Coinbase.

On June 9, U.S.-based investment service Robinhood, which allows users to trade cryptocurrencies, announced it would delist ADA from its platform. This preceded a maximum 30% drop in ADA price on the day.

*ADA's market dominance daily chart. Source: TradingView*

Cardano was also part of the services offered by crypto exchange Crypto.com to its U.S.-based institutional clients. On June 9, the company terminated those services, thus restricting ADA to its potential mainstream investors base in the U.S.

Cardano most oversold since March 2020

Cardano's technicals, however, hint at a possible rebound ahead. For instance, the ongoing token recovery comes a day after its daily relative strength (RSI) dropped to 20, the most oversold since March 2020.

Oversold RSI readings typically precede a consolidating or recovering price action.

For instance, the ADA price had jumped 900% four months after March 2020's oversold readings. It also happened due to the Federal Reserve's quantitative easing policy, which boosted upside sentiments across the riskier markets.

However, the Fed is poised to continue hiking interest rates as inflation persists, which should remove excessive cash from the market. In addition, the SEC's crypto crackdown has created unfavorable market conditions in the United States for cryptocurrency tokens such as ADA.

Therefore, an oversold rebound, if it comes, could be weaker than what the market witnessed after March 2020.

On the three-day chart, ADA appears rangebound inside the $0.247-0.382 area, similar to its price trends in January 2021 and January 2023, as shown below.

*ADA/USD 3D price chart. Source: TradingView*

Therefore, a rebound from the $0.247-support may start an uptrend toward $0.382 by October 2023. The $0.382-resistance, up 40% from current levels, also coincides with the 200-3D EMA (the red wave).

Conversely, a decisive close below the $0.247-support gives bears more fuel to pull the price toward $0.19, down about 30%, by October 2023, a resistance-turned-support level from July 2020-December 2020 session.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Robinhood Wallet rolls out on iOS with Android support to follow

March 2, 2023 Coin Telegraph

10-K Filing

The full launch and removal of the 1 million waitlisted users come six months after Robinhood launched its beta version in September.

Trading platform Robinhood has launched its Web3 wallet on Apple’s App Store, becoming available to iOS users in over 130 countries.

Robinhood shared the news in a Mar. 1 post, stating that users would no longer need to sit on a waitlist to access the new multi-chain, self-custody wallet. It added that it will be supported on Android “later this year.”

#RobinhoodWallet is now available to everyone with iOS: https://t.co/yUdL8jCgJN pic.twitter.com/q7RIWBJUIT
— Johann Kerbrat (@JohannKerbrat) March 1, 2023

Since the beta launch of the Robinhood Wallet in September, the trading platform integrated Ethereum — in addition to already supporting Polygon — and added 50+ ERC tokens to be bought, sold and held on the self-custody wallet.

Among the tokens now supported include USDC, UNI, MATIC and SHIB.

These tokens can be traded without paying transaction fees and users are able to use these cryptocurrencies to interact with a range of decentralized applications (Dapps).

*A preview of the Robinhood Web3 Wallet. Source:* *Robinhood.*

Robinhood Crypto general manager Johann Kerbrat said the support for Ethereum and ERC-20 tokens came in response to customers wanting access to more coins and tokens on more chains.

Since the beta launch, Robinhood Wallet has also added a nonfungible token (NFT) feature to enable users to collect and store their favorite collectibles on Ethereum and Polygon.

A Robinhood spokesperson told Cointelegraph that Robinhood NFTs would not be subject to Apple’s 30% commission on apps and in-app purchases of digital goods and services.

While the Robinhood Wallet is self custodied there is a range of self-verification methods that can be implemented to provide security to its Web3 users:

“When users get started, they need to set up either Face/Touch ID or a custom PIN, which they’ll use to authenticate every time they open the app. They will also be asked to create a secret recovery phrase, also known as a seed phrase, that allows them access to their wallet and crypto.”

Robinhood stated that users “can–and should–back up their wallet” by writing it down, storing it offline, or saving it in a secure manner.

However, not everyone is on board with the security mechanisms set in place with the Robinhood Wallet.

A Reddit poster by the name of “StamInBlack” wasn’t happy with the option of having seed phrases stored on iCloud, while others in the same thread expressed unrelated reservations with the trading platform.

*An additional method to secure the Robinhood Wallet. Source:* *Robinhood.*

However, Kerbrat said the feedback on the Robinhood Wallet thus far has been ”extremely positive.”

The rollout comes two days after Robinhood Markets revealed in a 10-K filing that it received a subpoena from the United States Securities Exchange Commission (SEC) in December to conduct an investigation into its cryptocurrency listings, custody and platform operations.