Robinhood cancels UK launch following increased scrutiny in the US

Online trading service Robinhood announced it won’t launch its app in the UK as planned.

“ The world has changed a lot over the past several months and we’re adapting with it,” said the Robinhood UK team in an email shared by The Guardian. “On a company level, we’ve come to recognize that our efforts are currently best spent on strengthening our core business in the US and making further investments in our foundational systems.”

Late last year, Robinhood said it expected to roll out in the UK during the first quarter of 2020. The Menlo Park-based firm was founded back in 2013 and has since enjoyed growing affinity with millennial traders with “commission-free” investing.

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But Robinhood‘s relationship with the retail crowd hasn’t come controversy-free. Earlier this year, service interruptions plagued the platform on some of the most volatile trading days in history, which locked many users out of potential profits.

Then, a 20-year-old trader sadly took his own life after Robinhood‘s app showed him owing more than $700,000 despite having a bank balance of $16,000 — an incident that’s caught the attention of US lawmakers.

“Although our global expansion plans are on hold for now, we will continue our work to democratise finance for all and we look forward to the day when we can bring this mission to the UK,” said Robinhood.

Satoshi Nakamoto, is that you? Bitcoin mined in 2009 moves for the first time

A chunk of Bitcoin has just moved for the first time since it was mined way back in 2009, causing some to speculate that Satoshi Nakamoto has returned.

The shift was detected by Twitter-based blockchain monitor @whale_alert , which confirmed that the 40 BTC featured in the transaction were mined in the first month of Bitcoin‘s existence.

Back then, the Bitcoin network was very small, and its pseudonymous creator Satoshi Nakamoto was one of just a handful of active miners.

Yep, that’s old Bitcoin, but it’s hard to prove this is really Nakamoto

It’s important to note that there’s currently no direct proof linking the mysteriously absent Nakamoto — who some believe still sits on roughly 1 million BTC — to this transaction.

Still, it’s certainly cool to see it move at all, considering when it was mined the price of BTC was effectively zero. Whoever controls this cryptocurrency has some very strong hands.

What we know about Coinbase’s April 14 IPO

One of the largest crypto exchanges in the US, Coinbase, announced last week that it’s planning to go public on April 14.

The firm said that the Securities and Exchange Commission (SEC) has accepted its S-1 registration statement and it’ll have the ticker symbol of COIN, which is pretty cool.

Coinbase has opted for a direct listing — just like Spotify, Slack, and Asana — instead of hiring a bank to broker the IPO. This means existing investors can sell their shares to new investors. The crypto exchange will disclose a reference trading price a night before it’s listed on the stock exchange.

Initially, the company aimed to go public in March , but it had to postpone its plans as it was undergoing an SEC review. Coinbase also reached a $6.5 million settlement with the Commodity Futures Trading Commission, where it was facing accusations of reporting false information about its transactions.

The company was founded in 2012, and has more than 43 million users with 34% year-on-year growth. The company registered a profit of $322 million in 2020 with $1.2 billion in revenue, thanks to booming Bitcoin prices.

To date, the firm has raised $547 million through various rounds of funding from noted investors such as Andreessen Horowitz and Tiger Global Management. Bloomberg noted last week, according to figures from Nasdaq’s private market trading, Coinbase was valued at $90 billion .

Hunter Jones

Hunter Jones

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