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Robinhood adds 4 new cryptos

WHAT’S MOVING CRYPTO
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Aakash Athawasya
Tryna write some stuff @doodhwaladaily (will buy you milk if you ask nicely)
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Robinhood adds 4 new cryptos

WHAT’S MOVING CRYPTO

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  1. Robinhood adds 4 new cryptos

  2. Mining Bitcoin off solar power

  3. World’s first “crypto-backed” payment card

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1. Robinhood adds 4 new cryptos

What would you do if roughly 25% of your revenue in Q2 2021 came from shitcoin trading?

You’d add another shitcoin!

This week Robinhood announced the addition of 4 new cryptos which included the long-awaited memecoin, Shiba Inu, that inspired over 550k retail traders to sign a petition last year demanding it be made available on the platform.

Also making their debuts on the commission-free service are blockchains Solana and Polygon, as well as DeFi lending protocol Compound.

The price of all listed tokens rose on the news.

This is just the latest move in Robinhood’s push to become the “best place to invest in crypto”.

Last week it rolled out its new cryptocurrency wallet to a waitlist of over 2M. The wallet will enable users to interact with crypto outside of the platform.

Robinhood shares rose slightly on the news, but the stock remains over 80% below its 2021 peak.

2. Mining Bitcoin off solar power

An unlikely trio is working together to pair semi-stranded renewable energy assets with location-agnostic miners.

West Texas is great for renewable energy, it’s got excellent sun quality and high wind speed, but it’s all concentrated in remote areas that give little financial incentive to build out infrastructure around it.

Until now.

Blockstream and Square Block have teamed up to build a solar- and battery-powered mining facility that’s designed to be a proof-of-concept for 100% renewable energy Bitcoin mining at scale.

And it will all be powered by Tesla solar and storage technology.

The project will feature a public dashboard where real-time metrics will track performance, including total Bitcoin mined and power output.

The group’s key goal, according to Blockstream CEO Adam Back, is to strengthen the Bitcoin network by diversifying the cryptocurrency’s energy sources and accelerating its synergies with renewables.

3. World’s first “crypto-backed” payment card

Last week we highlighted fintech Bolt’s acquisition of Wyre Payments.

The latest example of TradFi and DeFi joining forces is brought to us by crypto lender Nexo and Mastercard.

The companies have teamed up to launch “the world’s first crypto-backed payment card” which will allow users to spend up to 90% of the fiat value of their crypto assets (used as collateral to back the credit granted) without having to sell them.

The card—which initially will only be available in select European countries—is linked to a Nexo-provided crypto-backed credit line and can be used wherever Mastercard is accepted (92M merchants worldwide).

It comes with attractive perks too including no minimum repayments, monthly, or inactivity fees, and no FX fees for up to 20k Euros per month.

Cardholders who maintain a loan-to-value ratio of 20% or below are rewarded with a 0% interest rate and interest is only paid on the credit used.

The move marks a big milestone for Mastercard in bridging the gap between TradFi and DeFi and bring digital assets to the mainstream.

To understand why Genevieve invested in Bridge alongside heavy hitters like FTX (one of the biggest exchanges in the world) become a PAID subscriber to GRIT CRYPTO

SOURCES*
2. CNBC

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Disclaimer:The publisher does not guarantee the accuracy or completeness of the information provided in this page.  All statements and expressions herein are the sole opinion of the author or paid advertiser.

Grit Capital Corporation is a publisher of financial information, not an investment advisor.  We do not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient.  

THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME.  THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION.  INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN.

No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.  

Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable.  They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur.  Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein.  The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and the publisher undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.

The publisher, its affiliates, and clients of the a publisher or its affiliates may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities).  To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.

Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein.

By using the Site or any affiliated social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.

For Full Terms of Use Click HERE. For the Privacy Policy Click HERE.

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