Jay Z’s entertainment company Roc Nation, founded in 2008, has invested in Robinhood’s cryptocurrency trading platform.
Arrive, (a subsidiary of Roc Nation) is a venture capital firm that provides brand services and business development to early-stage startups, stated in an official announcement that the organisation has invested in Robinhood because of it's vision to improve the accessibility of financial markets.
Over a million users have applied to join the waiting list of Robinhood Crypto, which is a platform that enables anyone to trade stocks, exchange-traded funds, and major cryptocurrencies, using one application.
The introduction of Robinhood in the cryptocurrency market is highly anticipated by the globally because the majority of Robinhood's customer base is from the traditional financial markets and trade stocks. The launch of Robinhood Crypto is expected to introduce many millions of existing users of the Robinhood platform to a relatively new asset class in cryptocurrencies.
A large portion of the crypto community is also interested in Robinhood’s potential to evolve into the first real competitor to Coinbase, which has become one of the largest companies in the sector along with Bitmain and Binance.
It is also possible that many of the 1 million users on Robinhood's waiting list, are existing customers of Coinbase and Binance and have applied to Robinhood Crypto to have a choice of cryptocurrency trading platforms.
It is still an optimistic sign that billion dollar companies outside of the financial and cryptocurrency industries are investing in cryptocurrency products and exchanges. Evidently, the cryptocurrency markets and most businesses within the sector are still in an early stage in terms of user activity, market valuation, and scalability.
Multi-million dollar investments in the cryptocurrency world by high-profile investors are beneficial for every party in the sector, including businesses and customers, because businesses can have more capital to maintain their operations and customers can benefit from competition in the sector.
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