2023-11-08 06:24

Copyrighted Image by: Reuters. Robinhood Markets Inc (NASDAQ:HOOD)'s CEO, Vlad Tenev, expressed optimism for Bitcoin's future and the potential of a Bitcoin Exchange-Traded Fund (ETF) during a recent earnings call. His comments came as the company reported a significant drop in its third-quarter crypto trading revenues. On Wednesday, Tenev addressed the recent market performance of Bitcoin and Ethereum, acknowledging their stronger performance despite subdued volume trends. He stressed the importance of regulatory clarity in the company's decision to delist cryptocurrencies like Cardano, Polygon, and Solana. The CEO also disclosed Robinhood's imminent European Union expansion plans, which are set to considerably broaden their customer base. While not detailing Robinhood's EU offerings specifically, he confirmed that with clearer regulations, the company could offer different assets and capabilities compared to its US operations. Tenev also highlighted Robinhood's upcoming U.K. brokerage operations launch, adhering to their commission-free trading model. He reiterated Robinhood's focus on platform improvement and competitive crypto pricing. However, Robinhood reported a considerable decline in its Q3 2023 crypto trading revenues. Transaction-based revenues fell 55% quarter-over-quarter to $23 million, a sharper decline than the 13% fall in equities transaction revenues. InvestingPro Insights Drawing from InvestingPro's real-time data and expert tips, Robinhood Markets Inc (HOOD) presents a mixed picture. With a market capitalization of $8890M USD, the company has experienced significant revenue growth over the last twelve months, up 24.01%. However, it's important to note that Robinhood was not profitable over the last twelve months, as indicated by a negative P/E ratio of -10.49. InvestingPro Tips suggest a brighter future. Analysts predict the company will become profitable this year, with net income expected to grow. This is backed by the fact that two analysts have revised their earnings upwards for the upcoming period. For potential investors, it's important to consider Robinhood's performance in the context of the broader market. The company returned 5.62% over the past week but has experienced a dip over the past month, with a return of -3.42%. In conclusion, Robinhood's current situation and future prospects present a complex picture. For a more comprehensive understanding and additional tips, the InvestingPro platform offers a wealth of information and insights. https://www.investing.com/news/cryptocurrency-news/robinhood-anticipates-bitcoin-etf-despite-q3-crypto-revenue-drop-93CH-3226060

2023-11-08 06:12

PayPal (NASDAQ:PYPL) USD (PYUSD), an Ethereum-based cryptocurrency, sustained its steady position against the dollar until 22:00 PM ET on Tuesday. The token, with a market cap of $44.32 million, had nearly $6.56 million traded recently. Each PYUSD token is priced at approximately $1.00 or 0.00002829 BTC on major exchanges. Over the past week, it experienced a slight decline of 0.1% against the dollar. In contrast to PYUSD's stability, other cryptocurrencies like KILT Protocol, Aidi Finance (BSC), Zoo Token, CareCoin, OmniaVerse, Kitty Inu, Hokkaidu Inu, Lego Coin, Jeff in Space, and Lumi Credits displayed varying trends against the dollar. KILT Protocol saw a slight increase of 0.4% to $0.30 or 0.00000848 BTC while Aidi Finance, Zoo Token, CareCoin, OmniaVerse, Jeff in Space ($2.75), and Lumi Credits experienced declines ranging from 2.2% to 2.4%. Kitty Inu and Hokkaidu Inu registered growth with surges of 1.9% and 1.2% respectively. PYUSD's total supply stands at 158,956,937 tokens with a circulating supply of 44,376,440 tokens. Direct purchase of PYUSD with US dollars is typically not possible; investors generally procure Ethereum or Bitcoin first via exchanges such as Gemini, Coinbase (NASDAQ:COIN) or GDAX. The token is traded on 41 active markets with $3,723,947.74 exchanged in the last day. The last known price of PayPal USD is 0.99891023 USD. https://www.investing.com/news/cryptocurrency-news/paypal-usd-maintains-steady-position-amid-varied-crypto-market-trends-93CH-3226049

2023-11-08 06:02

Copyrighted Image by: Reuters. Ripple is expanding its global reach, initiating new payment corridors between 27 African nations and Australia, the UK, and the Gulf Cooperation Council (GCC) countries. This move is part of a strategic partnership with Onafriq, a pan-African fintech company. Ripple's blockchain mechanism will be utilized to facilitate these transactions, working in conjunction with Zazi Transfer for Australia, PayAngel for the UK, and Pyypl for GCC countries. Aaron Sears, Ripple's Senior VP of Global Customer Success, emphasized the significance of remittances in cross-border payments, particularly to crypto-adopting nations such as Nigeria, Kenya, and South Africa. Both Pyypl and Onafriq have adopted Ripple's On-Demand Liquidity (ODL) solution to streamline these transactions. Onafriq, formerly known as MFS Africa, rebranded after acquiring Global Technology Partners in 2022. The company had previously collaborated with Western Union (NYSE:WU) to facilitate cross-border transactions. The announcement was made at Ripple's Swell customer event in Dubai on Wednesday. At the same event, Ripple also revealed its transformation from RippleNet into Ripple Payments. In addition to the partnership with Onafriq, Ripple announced several product enhancements and license updates at its Swell conference. These developments are designed to facilitate payments between large enterprises and small and medium-sized enterprises (SMEs). Ripple has been collecting various licenses recently, including money transmitter licenses in the U.S., an institutional payments license in Singapore, and recent filings in both the U.K. and EU. Monica Long, Ripple's president, indicated that this expansion would allow Ripple payments to cover 90% of foreign exchange markets. The native cryptocurrency of Ripple, XRP, experienced a price increase following approval by the Dubai Financial Services Authority and due to Ripple's involvement in a Central Bank Digital Currency (CBDC) project with the National Bank of Georgia. https://www.investing.com/news/cryptocurrency-news/ripple-expands-payment-corridors-with-onafriq-partnership-93CH-3226040

2023-11-08 06:01

Solana (SOL), a top-10 cryptocurrency by market cap, has witnessed significant buying activity on leading exchanges Coinbase (NASDAQ:COIN) and Binance, with purchases exceeding 2.2 million and 2 million SOL, respectively, since October 18, 2023. The surge in buying interest on these platforms contrasts with the declining demand observed on Bybit, Upbit, and OKX. On November 6, there was a noticeable price retraction following a transfer of 750,000 SOL from the FTX estate to Binance and Kraken. The FTX estate, which controls over $1.1 billion worth of SOL, has been gradually selling its holdings to repay creditors. Despite this large-scale transfer, Solana's market performance remains strong. With a market cap that surpasses Cardano, Dogecoin, and Tron by over $7 billion, Solana's robust performance is noteworthy. As of today, SOL is trading at around $43, after breaking through the $32 resistance level in late October. The Cumulative Volume Delta (CVD) suggests an upward trend for SOL. This uptrend may continue due to strategic partnerships and the rollout of new features by Solana Labs, which could potentially push the price to hit $80. Despite some fluctuations in SOL prices due to large-scale transfers from the FTX estate, the overall market sentiment for Solana remains positive. https://www.investing.com/news/cryptocurrency-news/solanas-robust-performance-despite-ftx-estates-largescale-transfers-93CH-3226039

2023-11-08 05:59

In a significant development in the blockchain and cryptocurrency sector, Ripple has unveiled an advanced version of its cross-border payment solution, Ripple Payments. The announcement was made at the Swell 2023 Conference in Dubai on Wednesday. This evolution of Ripple's flagship product is designed to empower businesses with the necessary infrastructure to efficiently leverage blockchain for cross-border payments, even without expert knowledge. The upgraded Ripple Payments platform offers expanded access to Ripple's global network of over 70 crypto and traditional payout markets through a single onboarding process. This expansion is part of a broader trend where more than 80% of global finance leaders, including Web2 companies and legacy payment institutions, are planning to incorporate cryptocurrencies into their operations within the next three years. Ripple has integrated with the XRP Ledger's native decentralized exchange (XRPL DEX) to facilitate faster onboarding and expedite market entry strategies. In addition, the company has expanded crypto liquidity options to ensure an optimized experience as the payments product scales. RocketFuel, a global payments solution company, is one of the first adopters of this enhanced version of Ripple Payments. The solution will manage the complete flow of payments with a broad range of payout currencies globally, positioning RocketFuel to meet increasing demand for direct payments. Monica Long, President at Ripple, Brendan Berry, Head of Payment Products at Ripple, and Peter Jensen, RocketFuel CEO, emphasized that this evolution optimizes cross-border payments through transformative technology. They believe it supports their products in serving customers globally more effectively than traditional financial systems. Ripple has also leveraged its regulatory expertise and licenses - including a MAS Major Payments Institution license and Money Transmitter Licenses (MTLs) across the US - to build a reliable payment system for enterprises. This development is particularly beneficial for SMEs seeking to use crypto solutions. https://www.investing.com/news/cryptocurrency-news/ripple-launches-evolved-crossborder-payment-solution-aims-to-streamline-global-transactions-93CH-3226031

2023-11-08 05:23

Copyrighted Image by: Reuters The dominant dollar-pegged stablecoin, Tether (USDT), has achieved a historic market cap of $85.9 billion, surpassing competitors USDC and DAI. This milestone comes amidst intensifying discussions on US crypto regulation. The news was highlighted today during D.C. Fintech Week by Michael Barr, Vice Chair of the Federal Reserve. Barr underscored the urgent need for comprehensive oversight of stablecoins, expressing concern over the unregulated proliferation of private money backed by US dollars. He stressed that the Federal Reserve has a vested interest in such regulatory affairs due to potential financial stability risks posed by these high-risk investments. Furthermore, Barr pointed out that stablecoins are exploiting the trust of the Federal Reserve in their issuance process, necessitating rigorous regulation. His stance aligns with recent calls for swift implementation of crypto regulations by Wyoming Senator Cynthia Lummis. On Tuesday, Barr had also emphasized the need for definitive regulation of stablecoins such as USDT at D.C. Fintech Week, citing concerns about entities "borrowing the trust of the Federal Reserve" and posing financial stability risks due to a lack of clear regulatory framework supervising such investments. His comments were in line with Senator Lummis’ demand for crypto regulations by early next year, following growing claims of SEC overreach. https://www.investing.com/news/cryptocurrency-news/usdt-reaches-record-market-cap-as-calls-for-comprehensive-crypto-regulation-rise-93CH-3225977