Robinhood Crypto, a new feature belonging to the Robinhood stock brokerage platform, has found an investor in Arrive, a branch of entrepreneurial rapper Jay-Z’s company Roc Nation. This is the third effort on the part of the Roc Nation subsidiary, having previously invested in Devialet and InSite Applications. Arrive has helped fund the company’s program at a currently undisclosed rate, the latter expanding its free commission policy to accommodate Ether and Bitcoin on the Robinhood site for residents of California, New Hampshire, Massachusetts, Missouri, and Montana.
Robinhood Crypto is a particular initiative on the company’s part to increase the cryptocurrency audience for investors. The company is presently worth a total of 1.3 billion dollars, and home to over three million users. Neil Sirni, Arrive President, said:
“We believe in Baiju and Vlad’s mission to make the financial markets more accessible and cost efficient for customers of all size.” “Robinhood will have our support as they execute the long-term vision of their company.”
Robinhood’s primary goal is to provide universal access to financial markets, placing it in competition with preceding companies like etrade, Wealthfront, Coinbase, Binance, and Bitmain. Arrive President Neil Sirni has stated for the record that his company believes in Robinhood’s goal of “democratizing” trading, and that “Robinhood will have our support as they execute the long-term vision of their company.”
On paper, competitors Coinbase, Binance, and Bitmain continue to remain ahead of the platform, with Coinbase, in particular, dwarfing Robinhood’s user base with an impressive 10 million subscribers, Binance coming behind with six million users over a span of six months. It has also been suggested by The Merkle that in spite of Robinhood possessing a waiting list of a million users, these same customers may not solely be subscribing to Robinhood Crypto itself.
Arrive is a Roc Nation company founded by JAY-Z in 20017 to provide “high growth companies with both capital and consumer engagement through cultural influence” reads the press statement. Roc Nation is a full-service management, music publishing, and entertainment company.
Robinhood was unwilling to disclose details regarding Roc Nation’s investment. At the time of publishing, we were unable to reach Arrive President Neil Sirni for comment. Updates will be provided if this changes.
Main photo credit: everyskyline
Remember to subscribe to our newsletter!