Home » Robinhood IPO and Uniswap Drama – Narratives

Robinhood IPO and Uniswap Drama – Narratives

Robinhood IPO and Uniswap Drama

Robinhood’s Class A shares will begin trading at $38 a share under the ticker “HOOD,” and the firm’s stock and cryptocurrency trading software will be available for purchase today beginning at $38, valuing the company at $31.7 billion.

The whole public may now participate in Robinhood.

Robinhood IPO and Uniswap Drama

Robinhood is finally conducting its initial public offering (IPO) after many delays (IPO).

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    According to a press statement released on Wednesday, the commission-free broker’s first public offering will begin on July 29 at market open, with 55 million shares of Class A common stock priced at $38 per share.

    Along with selling shares publicly on the Nasdaq Global Select Market, Robinhood’s trading app will enable users to purchase up to one-third of the company’s shares prior to the initial public offering. Early access to a highly anticipated initial public offering often attracts both investors and institutions. However, since the $38 IPO price is on the low end of pricing expectations, it may imply lesser demand than anticipated.

    The lack of interest in the IPO may be attributed to Robinhood’s recent problems. After preventing customers from purchasing GameStop stock during a highly publicised short squeeze in January, the firm received harsh criticism. In May, when Dogecoin hit fresh all-time highs, the Robinhood app failed, stopping users from trading and eliciting anger from customers.

    Despite the outpouring of outrage after the Dogecoin disaster, it seems as if a growing number of cryptocurrency traders are flocking to Robinhood. In the first quarter of 2021, users trading bitcoin generated 17% of the company’s revenue, up from 4% the previous quarter. Traders of Dogecoin contributed for 34% of Robinhood’s cryptocurrency income.

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      Robinhood plans to use the funds from today’s first public offering to grow its customer support operations, recruit more staff, and pay future tax requirements. CFO Jason Warnick said that the firm aims to grow its crypto business by adding a dedicated CFO to its current workforce.

      Robinhood’s creation of a crypto business is not the company’s first foray into the cryptocurrency industry. Uniswap, the developer of DeFi technology, hinted to a potential collaboration with the mobile brokerage in a since-deleted video from last week’s Ethereum Community Conference presentation.

      “One of the cool things that we’ve actually been talking about with them [Robinhood] is a way to use Uniswap to automatically settle a trade for example right when it happens with the user.” Uniswap Labs growth lead Ashleigh Schap said during the presentation.

      Mary-Catherine Lader, COO of Uniswap Labs, addressed the matter quickly, saying, “Uniswap has no current relationship with Robinhood.”

      Robinhood’s revenue more than tripled between 2019 and 2020, showing substantial growth. Expanding the company’s crypto presence will be critical as it grows, especially as the industry continues to draw more retail investors.

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