Robinhood has officially released its crypto wallet app for Android users worldwide. The move follows the company's successful debut of the wallet to iOS users last year. This comes as Robinhood saw a 10% YoY increase in its crypto business and an 89% uptick in its notional crypto trading volume.

Robinhood uses graphs to represent relationships between user accounts. To combat fraud, it uses vertex-centric algorithms (BFS, DFS) for targeted exploration and graph-centric algorithms (Connected Components, PageRank) for broader network analysis. The company uses graph databases to store and query graph-structured data with built-in analytics.

In an appearance on CNBC, SEC Chairman Gary Gensler said he believes there is a disproportionate amount of scams, fraud, and media attention in crypto compared to its market cap. He believes that the attention given to the SEC's crypto enforcement is a function of the fact that that's where the media's attention is and that he is frequently asked about crypto by financial media. Gensler did not comment on recent Wells notices or lawsuits facing Robinhood, Consensys, and others.

Robinhood's first-quarter notional crypto trading volume was $36 billion, leading to revenue of $126 million.

Robinhood received a Wells Notice from the SEC indicating the SEC will proceed with civil enforcement despite meeting with the SEC 16 times to discuss registering as a special purpose broker-dealer for crypto assets. Vlad Tenev, Robinhood's CEO, criticized the SEC's approach as "regulation by enforcement" and emphasized the importance of defending both Robinhood's position and customer's right to access crypto.

Robinhood has announced Robinhood Crypto's worldwide expansion with the acquisition of crypto exchange Bitstamp. The U.K.-based exchange, one of the biggest in Europe, was sold for $200 million cash and is expected to close in the first half of 2025. Robinhood hopes this purchase will help them attract institutional customers.

Robinhood Crypto has expanded its availability to all U.S. states, including Puerto Rico and the U.S. Virgin Islands, giving users across all territories the ability to trade 15 different crypto assets (e.g., BTC, ETH, etc.). This expansion was facilitated by regulatory adaptations (e.g., the Hawai'i-specific MTL license is no longer required) and additional licensing. Robinhood is now well positioned to be ahead or already ahead of U.S.-based competitors like Coinbase and Kraken in terms of geographical availability.

- Justin Sun announces SunPump, the first memecoin launch platform on TRON, aiming to innovate within the meme culture ecosystem. - Kamala Harris is expected to maintain a tough stance on crypto, continuing Biden's regulatory approach. - Robinhood's CEO reveals the firm now earns more revenue from crypto trading than equities, highlighting the growing importance of crypto in financial services.

Fintech companies Robinhood and Revolut are reportedly exploring the possibility of launching their own stablecoins, a move that aligns with recent regulatory developments in Europe aimed at enhancing the stability and transparency of the cryptocurrency market. This potential entry into the stablecoin sector comes as the market is increasingly dominated by Tether's USDT, which has a market capitalization exceeding $119 billion. Tether has experienced significant growth, particularly during periods of economic uncertainty and volatility in the cryptocurrency market. The company has reported record profits, amounting to $5.2 billion in the first half of 2024, and has bolstered its reserves with a substantial amount of U.S. government bonds. This success has attracted the attention of other companies looking to enter the stablecoin market, although neither Robinhood nor Revolut has officially confirmed their intentions. The regulatory landscape is shifting, particularly with the implementation of the European Union's Markets in Crypto-Assets (MiCA) regulation, which is set to transform how stablecoins are created, sold, and traded. The first phase of MiCA regulations, which focused on reserve requirements and transaction volume caps, took effect on June 30, 2024. A second phase, scheduled to begin on December 30, 2024, will extend these regulations to crypto-asset service providers, including exchanges and wallets. Under the new regulations, stablecoins, referred to as "asset-referenced tokens" or "electronic money tokens," will face strict controls, including daily transaction volume limits of $200 million for payment purposes. These changes are expected to reshape the stablecoin market, prompting companies to reassess their offerings and strategies in light of the evolving regulatory environment.

Robinhood Crypto has officially launched crypto transfers for its customers in Europe, a feature that has been highly anticipated in the region. This new capability allows users to deposit and withdraw over 20 different cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The introduction of crypto transfers aims to provide customers with enhanced flexibility and control over their digital assets. Johann Kerbrat, the Vice President and General Manager of Robinhood Crypto, emphasized that this launch simplifies the process of self-custody and engaging with decentralized finance (DeFi) for users. By enabling deposits and withdrawals, Robinhood is ensuring that customers maintain control over their cryptocurrencies while enjoying the same reliable and cost-effective experience that the platform is known for. To celebrate the launch, Robinhood Crypto is offering a limited-time promotion where customers in Europe can receive a 1% match on all crypto deposits. This reward is given in the same cryptocurrency that users deposit, subject to certain conditions and a cap on the total rewards. In addition to crypto transfers, Robinhood Crypto provides a range of other benefits. Customers can buy, sell, and hold over 35 cryptocurrencies at competitive rates, trade Bitcoin without incurring fees, and stake their Solana holdings to earn an estimated annual percentage yield (APY). There are also rewards for holding USD Coin (USDC) and for participating in educational programs about various cryptocurrencies. Security is a key focus for Robinhood Crypto, which ensures that users' digital assets are protected. The platform does not lend out customers' crypto or use it for leverage, and the majority of assets are stored in cold storage. Additionally, Robinhood offers crime insurance to safeguard against theft and cybersecurity breaches. Crypto transfers are now available to all eligible Robinhood Crypto customers in Europe, marking a significant step in the platform's expansion and commitment to providing comprehensive cryptocurrency services. For more information, users can visit Robinhood's dedicated crypto page.