Robinhood sees 7.8M new crypto investors in Q1 / HSBC blacklists MSTR / Fresh Funding for Crypto Projects Recap

Plus: Wyoming became the first state to allow crypto wagering for online sports betting

Inside.com Part of   Network April 09, 2021

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The global crypto market cap is $1.99T 1.57%▲ with a 24hr market volume of $125.53B -12.75%▼. Bitcoin's dominance is currently 54.99% -0.17%▼.  CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $58,476.32 0.48% ▲ 2 Ethereum ETH $2,078.82 0.14% ▲ 3 Binance Coin BNB $438.28 4.88% ▲ 4 XRP XRP $1.06 8.31% ▲ 5 Cardano ADA $1.21 1.70% ▼ *Prices as of 4:30 p.m. ET.

Robinhood reported 9.5M crypto traders on their platform during Q1 of 2021. The user report shows explosive growth in crypto activity, marking a 460% increase in crypto traders over the past quarter. More: Robinhood reported last month that female traders were significantly represented in the platform’s growth. The demographic grew seven times in the first three months of the year.  CEO Vlad Tenev told reporters that he is expanding on Robinhood’s cryptocurrency services “as fast as possible.” Robinhood’s impressive 9.5M quarterly active traders seem to tower over Coinbase’s reported 6.1M monthly transacting users. However, the companies use different metrics to determine active users, and trading volume information on Robinhood’s crypto exchange is not available for comparison at this time. Robinhood CEO Vlad Tenev has welcomed comparisons between Coinbase and Robinhood. He previously told a fireside chat that Robinhood boasts cost-effective crypto offerings that are 1-2% less than Coinbase.

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London-based HSBC InvestDirect is reportedly messaging customers holding MicroStrategy (MSTR) shares to say that it will be blacklisting the stock. The messages seem to be related to a new policy on virtual currency and other digital products. More: The latest policy decision by HSBC seems contrary to the positive sentiment on crypto that other financial institutions have expressed recently. JPMorgan, Citigroup, Goldman Sachs, BNY Mellon, UBS, SBI Holdings, and others have signaled crypto adoption within the past year. Users of the HSBC InvestDirect platform have found the company’s stance on digital currencies ironic. A 2019 probe by FinCEN demonstrated that the investment bank was tied to an $880M money laundering case while on probation for money laundering. Over the past year, MSTR has purchased over 90K bitcoin (~$5.26B) and intends to continue accumulating the coin in the future. Many believe that the company’s incredibly bullish sentiment on bitcoin has turned the stock into a defacto Bitcoin ETF.

🍋 FRESH FUNDING BI-WEEKLY RECAP 🍋 In the past two weeks, fresh funding reported that 24 startups and two venture funds have received a total of almost $1.05B in funding. Here is a closer look at what projects are being funded: Industry Startups Funded Funds Raised (Reported) Fintech/Blockchain Infastructure 5 $464M NFTs 6 $361M Funds 2 $125M Banking/Investment Services 5 $58.3M DeFi 7 $38.2M Funding Breakdown: Fintech/Blockchain Infastructure: ChainSwap ($3M), COTI (N/A), ImToken ($30M) Plaid ($425M), Purestake ($6M). DeFi: Coin98 Finance ($4M), Element Finance ($4.4M), Equilibrium ($2.5M), Katana ($1.3M), Liquity ($6M), Neptune DAO ($20M) PAID network (N/A). NFTs: Dapper Labs ($305M), Enjin ($19M), OpenSea ($23M), Recur ($5M) SuperRare ($9M) The Vuze (N/A) Cryptocurrencies: Chiliz (social coin, N/A), Fei Labs (stablecoin, $1.27B), MobileCoin (private payment services, $11M). Funds: Draper Goren Holm ($25M), NYDIG ($100M) Banking/Investment Services. Ember Fund ($5.3), Greenwood Neobank ($40M), Hex Trust ($6M) OVEX ($4M) Zignaly ($3M)

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▲ TOP GAINERS # Name Price 24h % 1 VeChain VET $0.1293 11.84% ▲ 2 Filecoin FIL $169.16 10.94% ▲ 3 Tezos XTZ $6.63 8.23% ▲ 4 XRP XRP $1.05 8.20% ▲ 5 Solana SOL $28.29 7.20% ▲ ▼ TOP LOSERS # Name Price 24h % 1 BitTorrent BTT $0.00897 5.16%▼ 2 TRON TRX $0.1168 5.11%▼ 3 THETA THETA $12.80 3.14%▼ 4 Aave AAVE $364.40 2.70%▼ 5 Chainlink LINK $31.59 1.96%▼ *Limited to cryptocurrencies with a market cap >$4B. Prices as of 4:30 p.m. ET.

QUICK HITS: Keep these things in mind to ensure reliability and professionalism when connecting to a large, remote audience. * XRP futures reach a record $1.2B in open interest after positive news in the SEC’s ongoing lawsuit. Smartphone app company Meuti announced another $10M bitcoin investment today. The company now owns approximately $90M in bitcoin and ethereum. After the successful sale of Beeple’s “Everydays: The First 5,000 Days” for $69M, Christie’s auction house announced that it would be auctioning off a collection of rare CryptoPunks sometime in May. Signal’s decision to integrate MobileCoin (MOB) (previously reported on Inside Crypto’s fresh funding) is under scrutiny. Investors found Telegram CEO Moxie Marlinspike was previously listed as CTO on MobileCoin’s initial whitepaper drafts. A lead developer at Monero (XMR) is also accusing MobileCoin of copying its Ring Confidential Transactions (RingCT) privacy technology.  Bitcoin Gold (BTG) has rallied 173% in the past week on what many believe to be investor confusion. The bitcoin hardfork’s rally coincides with BTG Pactual’s announcement that the investment bank will be working with Gemini exchange to launch a Bitcoin fund. Wyoming became the first state to allow crypto wagering for online sports betting with House Bill 133. You don’t need a PhD in molecular biology to understand the investment potential of this scientific breakthrough.* *This is sponsored content.

Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on.

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