Coinbase rival Robinhood will not buy crypto from its cash
Crypto and stock exchange Robinhood revealed that it has no plans to buy crypto with the company’s cash funds.
Robinhood is a popular crypto exchange in the US. In the US, after the Coinbase exchange, Robinhood has the highest reach among the crypto and stock traders. This exchange grabbed huge earnings through the listing of Dogecoin. The majority of the crypto experts see that Robinhood may follow the crypto industry fully and will not care much about the stock market because the company sees the future in Crypto as a much brighter opportunity. However, plans of Robinhood exchange are trying to say something different.
Recently Jason Warnick, chief of finance at Robinhood exchange, appeared in an interview with Fox Business.
Through the interview, the Finance Chief confirmed that they are not eager to add more coins for their customers.
“It’s not lost on us that our customers and others would like to see us add more coins,” Jason said
Jason explained that the main reason behind such decisions of the company is to bring more clarity to the business of the company.
“We’re a highly regulated company in a highly regulated industry, and we think it’s important that we get a bit more clarity from regulators.”
No plans to invest in crypto from company funds
In August 2021, Coinbase exchange successfully got the approval to add crypto assets worth $500 million to the balance sheet of the company. And besides all that, Coinbase CEO Brian Armstrong said that he will invest 10% of the company profit back in crypto assets.
By taking the reference of this initiative of Coinbase exchange, Jason was asked whether they will do the same. Then Jason ensured that they are not planning for the same, at least in soon near future.
“There aren’t compelling reasons strategically for our business to put any meaningful amount of our corporate cash into cryptocurrencies,” said Jason
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