Robinhood adds 4 new cryptos
WHAT'S MOVING CRYPTO
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Robinhood adds 4 new cryptos
Mining Bitcoin off solar power
World’s first “crypto-backed” payment card
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1. Robinhood adds 4 new cryptos
What would you do if roughly 25% of your revenue in Q2 2021 came from shitcoin trading?
You’d add another shitcoin!
This week Robinhood announced the addition of 4 new cryptos which included the long-awaited memecoin, Shiba Inu, that inspired over 550k retail traders to sign a petition last year demanding it be made available on the platform.
Also making their debuts on the commission-free service are blockchains Solana and Polygon, as well as DeFi lending protocol Compound.
The price of all listed tokens rose on the news.
This is just the latest move in Robinhood’s push to become the “best place to invest in crypto”.
Last week it rolled out its new cryptocurrency wallet to a waitlist of over 2M. The wallet will enable users to interact with crypto outside of the platform.
Robinhood shares rose slightly on the news, but the stock remains over 80% below its 2021 peak.
2. Mining Bitcoin off solar power
An unlikely trio is working together to pair semi-stranded renewable energy assets with location-agnostic miners.
West Texas is great for renewable energy, it’s got excellent sun quality and high wind speed, but it’s all concentrated in remote areas that give little financial incentive to build out infrastructure around it.
Square Block have teamed up to build a solar- and battery-powered mining facility that’s designed to be a proof-of-concept for 100% renewable energy Bitcoin mining at scale.
And it will all be powered by Tesla solar and storage technology.
The project will feature a public dashboard where real-time metrics will track performance, including total Bitcoin mined and power output.
The group’s key goal, according to Blockstream CEO Adam Back, is to strengthen the Bitcoin network by diversifying the cryptocurrency’s energy sources and accelerating its synergies with renewables.
3. World’s first “crypto-backed” payment card
Last week we highlighted fintech Bolt’s acquisition of Wyre Payments.
The latest example of TradFi and DeFi joining forces is brought to us by crypto lender Nexo and Mastercard.
The companies have teamed up to launch “the world’s first crypto-backed payment card” which will allow users to spend up to 90% of the fiat value of their crypto assets (used as collateral to back the credit granted) without having to sell them.
The card—which initially will only be available in select European countries—is linked to a Nexo-provided crypto-backed credit line and can be used wherever Mastercard is accepted (92M merchants worldwide).
It comes with attractive perks too including no minimum repayments, monthly, or inactivity fees, and no FX fees for up to 20k Euros per month.
Cardholders who maintain a loan-to-value ratio of 20% or below are rewarded with a 0% interest rate and interest is only paid on the credit used.
The move marks a big milestone for Mastercard in bridging the gap between TradFi and DeFi and bring digital assets to the mainstream.
To understand why Genevieve invested in Bridge alongside heavy hitters like FTX (one of the biggest exchanges in the world) become a PAID subscriber to GRIT CRYPTO
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