FTX acquiring Robinhood would create a FinTech beast we have never seen before 🤯; New platform enabling regular people to invest in VC funds 💸; Binance x Ronaldo and NFTs in sports ⚽️
Good Morning FinTech, 28 June
Good day Everyone,
And happy Tuesday! Monday was already hot but today seems to be even hotter! In today’s issue we’re looking at FTX exploring ways to buy Robinhood that would create a FinTech beast we have never seen before (it’s huge!), a new platform enabling regular people to invest in VC funds (the investing revolution is changing the world for the better!), and Binance x Ronaldo partnership and NFTs in sports (this is were the real utility lies). So without further ado, let’s jump straight into the good stuff:
FTX acquiring Robinhood would create a FinTech beast we have never seen before 🤯
The breaking news 🔥🗞 Crypto exchange heavyweight FTX, which recently became the largest fiat crypto exchange, is reportedly looking into acquiring Robinhood, once one of the hottest FinTechs in the world. Bloomberg first reported the news citing unnamed sources.
More on this 👉Although FTX CEO Sam Bankman-Fried denied any active M&A conversations taking place, it’s probably only a question of WHEN not IF. Here’s why:
The change 📉 The retail brokerage app has become less attractive now that meme stock mania has faded (this can clearly be seen in both customer & revenue growth), markets are nervous over interest rate hikes, crypto prices are down, and hyperactive day trading has been partially replaced by “buy and hold” strategies. More importantly, the $HOOD share price is super cheap, which makes total sense for a company like FTX to buy it.
What’s the impact? 🤔 This could be massive. The acquisition would create a FinTech beast we have never seen before. Here’s the takeaway: