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Trading Platform Robinhood Lays Off Nearly A Quarter Of Staff As Crypto Drops
The news comes on the heels of a dire revenue report, with company shares taking a 3% tumble in extended trading
Robinhood, the trading platform that gained notoriety for allowing amateur stock investors to play the market, is laying off nearly a quarter of its staff citing economic conditions and the crash of the cryptocurrency market.
The news it was slashing 23% of its staff came as the company posted a 44% decline in revenues on slumping trading activity, in a surprise earnings report that came one day earlier than scheduled, and sent the companys shares down more than 3% in extended trading.
The company will lay off about 23% of its employees as part of a reorganization, said its CEO, Vladimir Tenev, in a blogpost. Last year, we staffed many of our operations functions under the assumption that the heightened retail engagement we had been seeing with the stock and crypto markets in the Covid era would persist into 2022, wrote Tenev.
Since that time, we have seen additional deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.
Robinhood had already slashed 9% of its workforce in April, saying the companys growth had led to some duplicate roles and job functions. Tenev said on Tuesday that those cuts did not go far enough.
As CEO, I approved and took responsibility for our ambitious staffing trajectory this is on me, Tenev said.
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The 3 Best Ways To Invest In Cryptocurrency
Do your homework, and once youâre ready to trade cryptocurrency, here are some ways
Investing in cryptocurrency seems profitable and replete with fast profits. After all, during the past six months, bitcoin bottomed out in mid-March near $5,000, only to rebound to over $9,400 this week. Thats nearly a 100% profit in three months. Yet, in mid-March the crypto markets were scared due to the pandemic and the closing of U.S. and global economies.
Bitcoin was priced so low because investors feared for the health of the economy and its people.
Identifying the market bottom is difficult, if not impossible. That recent March low followed a mid-February price peak of over $10,000. Not only is it difficult to pick an investing valley but doing so requires solid confidence during times of uncertainty.
Unlike investing in stocks and bonds, which are regulated by the U.S. government, investing in cryptocurrency is nebulous. There are thousands of distinct cryptocurrencies, while bitcoin and ethereum are the most recognizable.
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Blockfi Bankruptcy Deals New Blow To Crypto Heres What To Do Now
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.
The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
The cryptocurrency trading and lending platform BlockFi filed for Chapter 11 bankruptcy on Monday, deepening the uncertainty for customers who already had been unable to access their deposits for several weeks.
BlockFi is the latest casualty of the collapse of FTX, the cryptocurrency exchange that imploded in early November amid reports that it had used customer funds on risky bets.
The two firms had become intertwined, with FTX striking a deal to buy BlockFi earlier this year as cryptos bear market took hold. As FTX began to spiral, BlockFi suspended withdrawals, citing financial difficulties. Now, customers could face new hurdles to getting their money back.
How To Get Into Cryptocurrency
So how do you get into Bitcoin and other cryptocurrencies? Before you decide where to buy them from, you must have a basic understanding of how they work.
The first major cryptocurrency created was Bitcoin. Since then, many other altcoins have also been created as an alternative to Bitcoin. As an investor, you can own as much of each cryptocurrency as you wish.
Your cryptocurrency gets stored in a digital wallet. This digital wallet has a Public Key and a Private Key.
The former is the information you provide when you wish to receive cryptocurrency in your wallet. You use your private key if you wish to send cryptocurrency to others.
If you give out both your public key and private key, then anyone can access your wallet and use your cryptocurrency. This means they can steal your cryptocurrency or spend it as they please. As such, you should never give out your private key.
Owning cryptocurrency demands greater responsibilities on the owner in comparison to owning fiat currency. But with cryptocurrency, you have more freedom with your money. You dont have to depend on others to keep your money safe.
But, there are options that allow users to use online platforms to store their Bitcoin and other cryptocurrencies. Robinhood is such a platform.
Now lets look at whether you should consider buying Bitcoin with Robinhood:
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Is Bitcoin Mining Profitable
Its hard to say whether mining bitcoin, or any other cryptocurrency, is profitable. Thats because it depends on a number of factors, including the coins price, the cost of your mining equipment, and your ongoing electricity costs. Since cryptocurrency prices can swing wildly, this calculation is dynamic and you might want to adjust your expectations. If you hope to mine cryptocurrency, youd do well to minimize your energy costs, which can eat into any profits. As of February 2021, bitcoins block reward the payout for successfully adding a block to the bitcoin blockchain is 6.25 bitcoins. Oftentimes, this amount is divided among participants in mining pools, groups of miners who combine their processing power.
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Robinhood Crypto How To Buy And Sell Crypto On Robinhood
Naturally, you will need to open an account with Robinhood to buy and sell virtual currency.
Once you have an account, follow these steps to buy crypto on a mobile device:
On the web, you should do the following:
Final Thoughts On Robinhood Crypto
The bottom line is that Robinhood is a company that has been around for quite some time and mostly deals with the buying and selling of stocks. However, there are a good many people who use Robinhood as a way to better manage the portfolios they build over time.
For those who already use Robinhood for their stock portfolio, choosing to purchase crypto through them is a no-brainer. This is because while diversifying your portfolio is important, having all of your investments in one place can make a huge difference.
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How Can I Invest In Bitcoin
You can invest in Bitcoin directly by using one of the major cryptocurrency exchanges, such as Coinbase or Binance. Another way to gain investment exposure to Bitcoin is to buy shares in a company with significant Bitcoin exposure, such as a Bitcoin mining company. A third option is to invest in a Bitcoin-focused fund such as an exchange-traded fund .
Disadvantages Of Buying Crypto On Robinhood
The major disadvantage of buying your cryptocurrency on Robinhood is that you cannot use digital currency for purchases or to transfer between crypto wallets. The only thing you can do on Robinhood is purchase, sell, and trade.
For many who choose to invest in cryptocurrency, they do so to have the ability to make it work for them through buying, selling, and trading. Others enjoy having crypto to use for the purchase of various items or to accept it for payment from others.
Since there is a limited usage for crypto on Robinhood, many investors choose to use other crypto exchanges for their more extensive functionality. This is because those who purchase crypto typically have a plan for the future.
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Should You Use Robinhood To Buy Bitcoin
by Matt Frankel, CFP® | Updated Sept. 28, 2021 – First published on Sept. 27, 2021
Image source: Getty Images
There are some advantages to using the trading app, but it isn’t right for everyone.
Robinhood is best known as the stock trading app that pioneered the concept of commission-free trading several years before most brokerages got rid of their trading costs. But you can also buy Bitcoin and six other cryptocurrencies directly through the app.
Like all cryptocurrency trading platforms, Robinhood isn’t the best choice for everyone. Here’s a rundown of the key advantages and disadvantages of using Robinhood to buy Bitcoin.
Who Should Pick Robinhood
If you only want to buy and sell cryptocurrency as an investment and plan on sticking to the most mainstream tokens, Robinhood is a good choice. Its trading app is extremely easy to use, and it does not charge commissions.
You can buy cryptocurrencies without owing any additional fees. Since Robinhood is also an investment broker, you can purchase other investments, like stocks, ETFs and options.
However, Robinhood does not specialize in cryptocurrency trading. As a result, its features are limited. Another drawback is there are some transfer limits. You can only send up $5,000 worth of crypto or conduct up to 10 transfers within 24 hours.
On a brighter note, Robinhood is in the midst of launching its new Web 3 Wallet to allow users to trade and swap crypto with no network fees.
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Robinhoods Crypto Game Plan
The Robinhood app added a massive amount of followers last year because its simple interface and commission-free trading allowed retail investors to pile into meme stock phenomenons like GameStop and AMC.
The company had 17.3 million monthly active users as of December 2021. Attracting those users to interact more directly with cryptocurrency could transform the entire industry.
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Can Track 14 Cryptocurrencies
While the Robinhood app will only allows users to buy and sell bitcoin and ether, the two most popular cryptocurrencies and the two largest digital currencies in the world by market cap, it will also allow interested investors to monitor the prices of more than a dozen other digital currencies through the app.
These other trackable currencies include bitcoin cash, XRP, ethereum classic, litecoin, zcash, monero, bitcoin gold and dogecoin, the meme-turned-cryptocurrency.
Digital currencies have been bombarded with media attention over the past year, but they remain a niche area for traditional investors. Robinhood hopes to change that. By launching cryptocurrency trading and tracking, the apps developers aim to bring the new industry to a larger potential audience of investors.
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Benefits Of Using Robinhood To Buy Bitcoin
Robinhood pioneered commission-free stock trading several years ago, and while its competitors have largely caught up to the company’s pricing structure in the brokerage side of the business, the same cannot be said of cryptocurrency trading.
Specifically, many of Robinhood’s top competitors have expensive and somewhat hard-to-understand pricing structures. For example, Coinbase charges a 1.49% trading fee for most transactions, so if you want to buy $500 worth of Bitcoin, you pay about $7.50. And that’s on top of a markup, or spread, you pay over the current market price. To be fair, Robinhood makes money from the spread between its current buy and sell prices, but that’s it — no other fees apply.
There’s also value in having your cryptocurrency holdings and stock investments in the same easy-to-use app, and Robinhood certainly lets you do that. Many people look at Bitcoin as an addition to their investment portfolios, so it makes a lot of sense to keep all of your investments in one place. With Robinhood, you can. With many other cryptocurrency exchanges, not so much.
Robinhood Soars After 30
Its been a brutal year for Robinhood. The twin plunges of stocks and bitcoin have crushed the online brokerages sales. The company also reported a loss and drop in users. The stock has plummeted 40% this year and Robinhood recently announced a big round of layoffs.
But there could be hope on the horizon.
Shares of Robinhood surged more than 25% Friday after an investment firm run by 30-year-old crypto billionaire Sam Bankman-Fried disclosed in a Securities and Exchange Commission filing that it has bought a 7.6% stake in the company.
Bankman-Fried, who runs the startup FTX, a cryptocurrency exchange based in the Bahamas, said in the filing that he bought Robinhood shares because he believes they represent an attractive investment. He added that his stake is meant to be a passive investment and that he does not currently have any intention of taking any action toward changing or influencing the control of Robinhood.
appeared to be passive before the Tesla and SpaceX CEO changed his mind and then a deal that now is on hold.)
FTX has taken the crypto world by storm,attracting more than a million users since launching in 2019, so having its founder as a strategic investor in Robinhood could help give the brokerage more credibility, not to mention a backer with lots of money at his disposal.
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Robinhoods Crypto Wallet Goes Live
On Apr. 7, Robinhood rolled out its crypto wallet, allowing customers to transfer cryptocurrencies into and out of their Robinhood Crypto accounts on a commission-free basis.
The crypto wallets require identity verifications through a photo of a government-issued ID and a live photo or selfie. The wallet has two-factor authentication and limits sending $5,000 worth of crypto and up to 10 transfers in a 24-hour period. As of April 14, Robinhoods crypto wallet supported , , , , , , and .
The wallet is available to all eligible customers, amounting to over two million people. However, customers in Hawaii, Nevada, and New York are not eligible because of local regulations.
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How Does Cryptocurrency Tax Software Help
By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger is able to track your profits, losses, and income and generate accurate tax reports in a matter of minutes.
You can test out the software and generate a preview of your gains and losses completely for free by creating an account.
Learn more about how CoinLedger works here.
Do you own cryptocurrency on Robinhood? Filing your taxes will soon become get significantly more complicated.
Robinhood has become one of the most popular platforms amongst the younger demographic for buying, selling, and investing in a variety of assets. Included in these offerings is the ability to invest in cryptocurrencies.
In this article, weâll break down how you can file your Robinhood crypto taxes .
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