Robinhood and Jump Trading end crypto partnership: CoinDesk
Quick Take
- Retail broker Robinhood has ended a crypto-related partnership with traditional financial institution Jump Trading, according to CoinDesk, which cites an anonymous source.
Robinhood and Jump Trading have ended a years-long crypto partnership, according to a report by CoinDesk which cited an anonymous source.
CoinDesk also said that on-chain data suggests the partnership may have ended in July. In parallel, Jump has been backing away from crypto in the U.S. amid regulatory uncertainty, according to a recent report from Bloomberg.
Robinhood and Jump didn't immediately respond to requests for comment.
Early this year, the Securities and Exchange Commission subpoenaed Robinhood over its cryptocurrency services. The company posted declining crypto-related revenues in its most recent quarterly report, allthough crypto trading revenues were never significant for the company best known for empowering smaller retail investors who want to buy and sell stocks with a smartphone app.
Jump Crypto
Jump Trading operates one of the largest high-frequency trading operations in the world and, besides partnering with Robinhood, has its own digital currencies division called Jump Crypto.
The trading company's crypto arm was at least partially caught up in both the downfall of FTX and Terra algorithmic stablecoin debacle.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
