Daily Crypto NewsEDITION #273, 30 July 2021

Underground ➡️ Magazines

Hey Moni Maker

Today is Friendship Day. Let's be honest - profits are profits, but making the right connections with the right people is not only about money, but it's also about fun. So join our chat and seek out friends amongst the crypto cats; networking is the answer, yooo!

And then straight away read Digest, Let's go!

Fortune magazine has taken to covering cryptocurrencies in its new issue. "How crypto went from mania to mainstream," "NFTy 50," and other crypto headlines have burst onto the magazine pages and are looking quite at home there.

Robinhood, the fee-free investing app, has successfully completed its IPO, raising almost $2 billion. However, the company failed to meet the goal of reaching a $35 billion valuation, as its shares sold at $38, in the low end of the proposed $38-$42 range. The company allowed users of the exchange to acquire a third of the shares available before its launch on the market, something unusual in these processes.

While Robinhood failed to reach its desired target, its valuation was much higher than what it was at its last funding round, when the company reached $12 billion. The company is now in the mid-tier of its rivals, having a better valuation than Interactive Brokers ($26 billion), but falling short of Charles Schwab ($130 billion).

Robinhood capitalized on the interest and growth that the stock and cryptocurrency market saw in the first two quarters of the year, riding its popularity as one of the first exchanges that allowed for zero-fee trading, prompting a change in the industry. But some experts claim this valuation is unsustainable in the long term. Kathleen Smith, of Reinassance Capital, stated:

“It seems rich — unless the company can keep up this high growth.”

So what?

Blockfolio is now FTX...Robinhood hasn't raised the desired amount of $... Has the world started to change somewhere?!

Payments provider company PayPal said its users may not have much longer to wait to have greater crypto functionality through the platform.

During PayPal’s Q2 2021 investor update call on Wednesday, CEO Dan Schulman said the initial version of the company’s super app wallet was “code complete.” The PayPal CEO said the company planned for the wallet to be fully ramped in the United States in the next several months.

The super app wallet will feature high yield savings, early access to direct deposit funds, messaging capability, “additional crypto capabilities” and more. Schulman said each wallet would be “unique, driven by advanced AI and machine learning capabilities.”

PayPal reported that it had more than 400 million active user accounts as of June 30, with $311 billion in total payment volume for the second quarter of 2021. Venmo, the PayPal-owned payments firm, which launched crypto trading in April, had roughly $58 billion in total payment volume for the second quarter of 2021, with 76 million active accounts.

“We’re one of a few payments companies to allow consumers to use cryptocurrency as a funding source,” said the PayPal CEO. “We’re also seeing strong adoption and trading of crypto on Venmo.”

Mainnet — is the core network of a particular blockchain. Only in this network does the asset have value.

And more you can find in our Glossary!

And you...buy Bitcoin! (it's a good time!)