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Robinhood Makes Hiring Efforts Ahead of UK Expansion

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According to a report by Techcrunch, Robinhood, the zero fee trading company based in the United States, is making plans to open an office in London and it has started recruiting to that effect.

Various sources in and within London’s FinTech market have confirmed that Robinhood, which was launched back in 2013 and is valued at $5.6 billion, has been working towards the launch of its London office, with recruitment activities covering departments such as hiring and recruitment, public relations, marketing, customer support, and others.

The startup is also looking at hiring executives for product and compliance positions, which is extremely wise for a company that plans to get multiple licenses from the UK’s financial watchdog, the Financial Conduct Authority (FCA).

Robinhood’s expansion into the United Kingdom puts them in direct competition with similar fintech startups that have won the hearts of British traders offering “fee-free” trades, same way Robinhood won the hearts of Americans. One of such firms is London-based Freetrade, which offers “fee-free” trades executed at the close of business each day, for instant execution of trades, the startup charges as low as £1 per trade.

Another fintech startup that should be in Robinhood’s crosshairs is Revolut, the London based startup, that recently announced plans to offer Robinhood commission-free trading to its customers via its banking app.

Both companies have a bit of history, and it will be interesting to see how this battle shapes up. Launching a division in the U.K. will put Robinhood in direct competition with locally-based FinTech companies, and the success of the company in the United States is reportedly the reason why a lot of new entrants in Britain have gone ahead to launch their fee-free trading platforms.

Last month, Robinhood launched a savings and checking account for its American customers, offering users a “fee-free, commitment-free and surprise-free” account that pays them 3 percent interest for every deposit made into the account.

The company had said via a blog post, at the time:

“Currently, traditional checking and savings accounts cost more for people who make less, are riddled with unfair and hidden fees, and earn you minimal returns on your savings. We believe you should earn more on your money, and shouldn’t be charged fees to access it.”

The accounts will come with a debit card, which will be personalized and can be used in over 75,000 ATMs across the U.S. for withdrawals. However, some few days after it announced its plan to launch the accounts, the Securities Investor Protection Corporation (SIPC), the agency in charge of brokerage accounts, said Robinhood didn’t consult the agency about its plans before making the announcement.

SIPC CEP Stephen Harbeck said Robinhood would be using a model that goes above what they can protect and as such, they promptly reported the startup to the Securities and Exchange Commission.

“Robinhood would be buying securities for its account and sharing a portion of the proceeds with their customers, and that’s not what we cover. I’ve never seen a single document on this. I haven’t been consulted on this.”

Source. ccn

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I’m so there!: Circle’s Jeremy Allaire joins Warren Buffett crypto power lunch

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As we’re sure you’re aware, Justin Sun has a fast approaching lunch date with Warren Buffett.

Somewhat unsurprisingly, Sun has been milking the auction prize for all it’s worth. Last month, for instance, he announced on Twitter that he had selected San Francisco’s Quince, a “three-Michelin starred restaurant in the historic Jackson Square,” for the 25th July, $4.5 million meal.

It has now emerged that Circle CEO Jeremy Allaire will be in attendance, alongside Litecoin creator Charlie Lee.

Last week, Allaire labelled Donald Trump’s crypto rant “possibly the largest bull signal for BTC ever”. “Crypto now a presidential/global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency,” he tweeted.

“And btw if you are interested in the future of the US dollar, this industry is already way out ahead — US Dollar Coin, the cryptocurrency, is launched and growing,” he added.

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Twitter reacts to CFTC’s BitMEX investigation

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  • The CFTC is investigating BitMEX to see if they bent their rules and allowed people in the U.S. to use their platform.
  • The reaction to the investigation from the crypto community has been mostly negative.

Crypto derivatives exchange, BitMEX, is being investigated by United States Commodity Futures Trading Commission (CFTC), as has been reported earlier by FXStreet. CFTC intends to find out if BitMEX relaxed their rules and enabled people in the United States to use the platform for trading. Since the exchange is not registered with CFTC, it is not allowed to execute trading activities in the U.S.

Twitter Reactions

Bullishbond007:

“1/ Bitmex will be fine. They actively prevent us users from using their platform with geo-location. They kick off users if they find out they are in the US. (See, Tone Vays; the publicity from that booting will play well for Bitmex if the CFTC brings an action)….

2/ they don’t advertise or actively attempt to get us citizens to sign up. I am not even sure if the CFTC has jurisdiction if this progresses past the sniffing butt stage. All and all this is a fat nothing burger for Bitmex. This “investigation” is a joke.”

TheDuke:

“#bitmex #cftc investigations are total FUD.
1. even with a vpn, nobody with a big stack will try to trade with the fear to be blocked( VPNs are not safe)
2. it’s to force Bitmex to be KYC, that’s it.
3. USA are lunching derivatives platforms and sees Bitmex as a competitor.”

Scott Melker:

“In the past 6 months, I have had 3 people who claimed to be ex-employees of Bitmex reach out privately and tell me that all of my assertions were true. All 3 told me to contact the CFTC (I never did) because they would be investigating Bitmex. Seems they were telling the truth.”

Trader Chris:

“Bitmex will not shut down because the CFTC launches a investigation, they have no power whatsoever, they cant do shit. There is nothing to go after, the only thing they can do is to ban the internet access across America. How dense can you be that you think they close the door.”

source:.fxstreet
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Coingecko Q2 report: crypto summer is full on

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The coin market ranking chart and data app Coingecko has just published the latest version of their quarterly report, with an overview of the crypto ecosystem over the recent months.

Overall, the Q2 report sheds a very positive light onto crypto markets, with milestones such as the irruption back into the mainstream thanks to Facebook´s Libra, the increase of exchanges and projects, plus of course the general upwards price trend that has led to a spike of 125% in crypto market capitalization.

Coingecko´s report listed plenty of interesting insights, such as the surpassing of “stocks” by “Bitcoin” as search terms. The event had not happened since the run of BTC towards $20K, back at the end of 2017.

Together with the aforementioned increase of BTC over stocks, another trend of the last three months has been the raise of Initial Exchange Offerings (IEO), which peaked in April thanks to almost $110 million raised by 34 IEO´s in a single month.

One of the downsides of the second quarter of 2019 has been the increase in the number and sophistication of hacks, with the $40 million theft from Binance as a clear example. Other notorious exchanges hacked over the last months include Cryptopia, Bithumb, Gatehub and Bitrue, for a total value of all electronic thefts of $83 million.

Source:ambcrypto

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