Happy Friday, Blockfolians
Coinbase has been the talk of the town this week, what with their absurd Q1 volume and revenue and net income and (it seems) valuation when they go public next week).
It’s one of their competitors, however, that is getting the attention today.
Robinhood announced that it had 9.5m users trade crypto in Q1. That’s especially insane given that in Congressional testimony they said they had 13m users today.
For those keeping track at home, that’s 50% more than Coinbase’s 6.1m active users from the same period.
You know who benefits from all this competition around retail crypto trading? The whole industry, which has more new people than ever joining the space.
Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.
Highly Relevant Reading
Bitcoin miners are stacking! Bullish.
Coinbase joins the DeFi Alliance
Revolut adds 11 new cryptos including some popular DeFi coins
Neptune DAO raises $20m in attempt to decentralize VC
Lottttttta folks not loving these comments from a board member of the European Central Bank
Bitcoin does not fulfil the basic properties of money. It is a speculative asset without any recognisable fundamental value and is subject to massive price swings. Trust in cryptocurrencies might rapidly evaporate, causing disruption in financials markets. 13/14
This is a joke, right?
HSBC will not let clients buy Microstrategy stock due to their newly changed policy on “virtual currencies”.
A Really Big Number We Should Be Paying Attention To
$19B to $230B
That’s the range of valuations for Coinbase’s upcoming IPO