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The Marked Chart Wire · Crypto
Robinhood
Robinhood reported $1.42 billion in revenue but posted $0.51 per share, below the $0.55 estimate. Prediction market bets reached $173 million while crypto revenue increased slightly.
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Robinhood
Robinhood's crypto revenue fell 55 percent year over year, yet the figure exceeded Wall Street expectations. Trading volume declined 38 percent, although the company's broader blockchain operations saw increased activity.
Ripple
Robinhood has activated Ripple's RLUSD on its blockchain and Bitstamp, with plans to add it to the main app later this year. The partnership also expands into treasury software and institutional trading loans.
RLUSD
Ripple and Robinhood are broadening their collaboration to distribute the RLUSD stablecoin to retail and institutional clients. The company also deepened its custody agreement with BNY and partnered with C2FO for trade finance settlement.
Crypto
Robinhood will add Ripple's $2.5 billion RLUSD stablecoin to its platform for retail customers later this year, even though the firm helped launch the competing USDG token.
Tokenized Stocks
Analysts anticipate Robinhood will address the growing threat from tokenized stocks during its upcoming earnings call, a sector viewed as a key growth area for crypto.
Tokenized Stocks
Intel, IBM, Oracle, and IonQ have joined a growing list of companies opting out of the OKX and ICE tokenized stock initiative. More than 40 percent of the originally proposed firms have requested to withdraw from the program.
Fast headlines, summarized. Not verified and not advice. Check the full story before you act.