A $25 billion dogecoin whale hides, however Robinhood CEO states ‘we do not have considerable positions in any of the coins we keep’

A $25 billion dogecoin whale lurks, but Robinhood CEO says 'we don't have significant positions in any of the coins we keep'


‘Any coins that we hold are for the purposes of sort of providing access in holdings for our customers. We don’t have significant positions in any of the coins that we keep on a proprietary basis or anything like that.’

That’s Vlad Tenev, CEO of Robinhood Markets, speaking at a “fireside chat” on Thursday hosted by the popular brokerage platform, trying to eliminate any remaining speculation that Robinhood might be a so-called dogecoin

whale, preserving a huge stockpile of the cryptocurrency for its own advantage.

Read: SEC chief cautions of growing monopoly power amongst market makers, retail brokers at GameStop hearing

Back in February, digital-asset lovers ended up being briefly consumed with speculation connecting Robinhood to a dogecoin wallet address that was valued at around $2.1 billion.

The Wall Street Journal in February reported that it had actually determined records that revealed that an individual, or entity, owned about 28% of all of dogecoin in blood circulation– a stake worth about $2.1 billion at the time.

That stake is currently worth more than $25 billion at dogecoin’s existing worth of around 60 cents per coin, according to CoinDesk information, equating to approximately 42 billion doge, presuming the address didn’t collect or offer any coins becauseFebruary

Bloomberg estimated Tom Robinson, primary researcher and co-founder of Elliptic, as stating that his information pointed directly to Robinhood as the holder of the crypto cache. “It almost certainly belongs to Robinhood,” he stated. “The timing of its creation, and the creation of the addresses that it received funds from, match the timing of Robinhood’s support of dogecoin.”

Robinhood started using dogecoin trading to its consumers in July 2018.

Robinhood’s brand-new crypto-focused chief running officer, Christine Brown, who likewise was included in the fireside conversation, stated that she wished to put a finer point on the brokerage’s function in crypto. “To put like a superfine point on it, on behalf of the firm, we do not trade, hold or lend. We don’t take part in any activity when it comes, you know, to cryptocurrency. The only thing that we do is we, at the direction of our customers, buy and sell on their behalf and custody in a segregated manner,” Brown stated.

Tenev stated that Robinhood has actually been discovering how to handle a rise in need for dogecoin on its platform, which has actually caused a variety of blackouts on its trading apps in current days. Bitcoin

and more just recently dogecoin have actually been at the center of a rise in interest in crypto properties onRobinhood

Dogecoin has actually increased more than 12,500% up until now in 2021 and has actually gotten almost 100% in the year to date. By contrast, the Dow Jones Industrial Average

is up about 12% and the S&P 500 index.

has actually gotten over 11% so far this year.

Bullish doge financiers are hoping that the “Saturday Night Live” guest-host look of Elon Musk, among the greatest champs of doge and the CEO ofTesla Inc
might supply a fresh driver for the meme stock.

See: Elon Musk asked Twitter for ‘SNL’ sketch concepts. Guess how that went?

Check out Robinhood’s crypto fireside chat here:

Robinhood is preparing to go public eventually and has actually been attempting to boost its relationship with consumers months after its choice back in January to restrict trading in some stocks, consisting of GameStopCorp

Robinhood has actually included countless consumers quickly, both on its conventional brokerage platform and in its growing crypto system, which hasn’t come without growing discomforts.


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