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Robinhood's heavy wallet and Ethereum swap. Grayscale's victory might inch closer to a Bitcoin ETF - liquidation spikes. EOS got the green light in Japan. And, Crocs is coming with Doodle on it.
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Robinhood comes to DeFi by incorporating Ethereum swap functions into its crypto wallet. And the wallet is heavy.
Zooming ahead: Even though Robinhood's a newbie in the crypto wallet world, it's racing ahead like it's on a jetpack. In just six months, it's wooed hundreds of thousands of users from over 140 countries. Initially supporting only the Polygon and Ethereum networks, it now accommodates Bitcoin and Dogecoin too.
Robinhood's heavy wallets 🎒💰
Ethereum: According to Arkham Intelligence, Robinhood is strutting around with the world's fifth-largest Ethereum wallet. It’s packed with 1.49M ETH valued at $2.54B.
The Bitcoin: Robinhood is also flaunting the third-largest Bitcoin wallet globally, holding Bitcoin worth roughly $3.43B.
Others: The SHIB coins snuggled in that wallet - worth $163M. They've also tucked away some Chainlink ($14.23M) and Avalanche ($10.4M).
These are funds Robinhood holds for users, and it's all backed 1:1, all thanks to the watchful eyes at the SEC.
Less than half a year after introducing its crypto wallet, Robinhood is expanding its offerings. The wallet now includes "custody, send, and receive support" for both Bitcoin and Dogecoin. On top of that, they’ve also introduced Ethereum swaps.
Ethereum swap feature
One of Robinhood's standout updates is the Ethereum swap capability. Distinguishing itself from many competitors, Robinhood allows users to exchange Ethereum-based tokens without possessing any ETH. Swapping fees are automatically deducted from users’ existing tokens, simplifying the process.
When it first came out in March for Apple device users, Robinhood Wallet was supporting the Polygon and Ethereum networks. Tokens such as COMP, MATIC, SHIB, SOL, UNI, and USDC stablecoin were included. The Android version is anticipated to come out later this year.
The Arbitrum and Optimism blockchains have also found their way into the Robinhood ecosystem.
Robinhood's crypto wallet now boasts a Web3 browser that supports decentralised applications (dApps) and a fiat onramp, enabling direct cryptocurrency purchases.
Emphasis on security: Despite its rapid innovations, Robinhood remains vigilant about user security. The platform necessitates identity verification through Face/Touch ID or a unique PIN. Users must also create a recovery phrase vital for wallet restoration, a key Robinhood doesn't have access to, ensuring users retain full control of their crypto.
Revenue figures: Robinhood, while a titan in the stock trading realm, has seen a little dip in its crypto game. Their second quarter crypto revenue had a wee slide to $31 million from the $38 million of the first quarter.
“With Robinhood Wallet we stripped away many of the complexities of DeFi and the broader Web3 ecosystem, and reduced some of the challenges and barriers to entry for everyday people,” - Johann Kerbrat, general manager of Robinhood Crypto.
What's happening around?
It’s ETF season. While the fate of spot Bitcoin ETFs remains uncertain, investors are exploring alternatives like MicroStrategy shares or Robinhood itself.
TTD Numbers 🔢
The recent Grayscale ruling has sent tremors across the cryptocurrency markets, wiping out a whopping $120 million in short positions in a single day.
Grayscale's landmark Verdict 🏛️: Three judges from the DC Circuit Court of Appeals have tipped their hats in favour of Grayscale. The June 2022 lawsuit against the US Securities and Exchange Commission was all about Grayscale's ambition to transform its Bitcoin investment trust into a bona fide ETF. And with this win, the $50 billion firm might just be one step closer.
The SEC is currently reviewing the court's decision to determine its next steps.
Following the news, Ether (ETH) increased by 5.5% and Bitcoin (BTC) by 7.2%.
Impact on derivative traders
Data from Coinglass indicated $169 million in positions were liquidated. (at the time of writing)
Of that amount, short positions accounted for $120 million.
This liquidation was the most significant since August 16, when over $1 billion was lost due to a market crash.
Crypto liquidation: the process of closing out or selling off positions in the cryptocurrency market.
Short position: When a trader expects the price of a cryptocurrency to drop. If the price rises contrary to their expectation, they may face a liquidation event, causing an automatic closure of their position.
Long position: Taken when a trader anticipates a price increase. Liquidation for a long position happens if the price falls below a certain threshold, leading to the automatic closure of that position.
Analysts are increasingly optimistic about the approval of a Bitcoin ETF this year, with the odds now at 75%👇🏻
TTD Japan 🇯🇵
EOS Network's token just got the green light for trading in Japan.
The main scoop 🍦
EOS's big comeback: EOS Network, once the talk of the town with its $4 billion ICO, is making headlines again. Although its early performance was underwhelming, recent developments have reignited interest.
The approval: The Japan Virtual and Crypto Asset Exchange Association (JVCEA), which self-regulates crypto exchanges in Japan, gave the EOS token a thumbs-up. It's a massive deal as this nod means EOS tokens can now be traded against the Japanese yen.
Elite club membership: With this green signal, EOS joins the exclusive club of tokens like Bitcoin, Ether, and Monacoin that have the honour of being traded on Japan's exchanges.
In mid-September, EOS will start its trading journey on BitTrade, a top-tier crypto market space blessed by Japan's Financial Services Agency (FSA).
The JVCEA and FSA have their eyes on the ball when it comes to crypto-asset providers. With the Payment Services Act in play, these bodies keep a tight leash, insisting on a rigorous screening routine for newly listed tokens.
"We strongly believe that the next wave of Web3 innovation will come in the form of blockchain-based gaming and GameFi. Asia is clearly a leader in that space." - ENF CEO Yves La Rose.
Japan's Premier, Fumio Kishida, recently voiced his thoughts about Web3. During a July 25 keynote, Kishida spoke about the transformative power of Web3, hinting at its potential to revolutionise the internet and catalyse social change
TTD NFTs 🐝
Crocs & Doodles 🥿
What's Happening? Doodles and Crocs are joining forces for a digital-physical footwear extravaganza.
Launching on August 29, we'll be introduced to the Doodles x Crocs Classic Clogs and themed Jibbitz charms.
Purchasers of this footwear bundle get a bonus: a redeemable digital "Crocs Box" collectible which gives access to Doodles' Stoodio platform.
To grab this collection, head over to doodles.app, with an exclusive window open for Doodles' Original Collection digital collectibles possessors.
LimeWire as an NFT music hub? 💾
What's Happening? Good old LimeWire, our nostalgic peer-to-peer music sharing service, is reborn as a music NFT market hub, now armed with AI tools.
The platform, powered by the Ethereum scaling network Polygon, is focused on revolutionising the creative sector by providing AI-generated images and music functionalities.
But wait, there’s more! LimeWire has eyes on adding video capabilities down the road.
At its core, LimeWire is out to democratise content creation, inviting both newbies and veterans. They've also established a just compensation model letting artists profit from ad earnings, subscriptions, and NFT transactions.
Virtue poker strategy 🃏
What's happening? Virtue Poker, birthed by ConsenSys, is back with a revitalised strategy emphasising linking NFT communities.
The platform was established in 2016, with dreams of decentralising the world of online poker. However, obstacles like the absence of scalable Ethereum networks and online gambling legalities tripped them up.
They did make a brief appearance with a legal play-to-earn poker game in the US after securing a Malta gaming license but faced challenges in garnering user traction.
The reborn Virtue Poker now serves as a foundation for groups and institutions to orchestrate their digital poker sessions, especially tailoring to the NFT community's preferences.
TTD HelloCrypto 👋🏻
India proudly unveiled its debut 3D printed post office, a testament to the cutting-edge tech’s transformative prowess.
Here’s what we know?
The post office is situated in Bengaluru, Karnataka.
The project was a joint effort between IIT Madras and Larsen & Toubro.
Construction Time: Completed in 43 days, two days ahead of its deadline.
Technology: A robotic 3D printer layered specialised concrete, allowing for structures without vertical joints.
Efficiency and Cost: The project’s efficiency is credited to robotic assistance. It cost around $27,840, marking a 30-40% reduction compared to traditional construction.
Ashwini Vaishnaw, India’s Minister overseeing Railways, Communications, and more, lauded the project as a symbolic representation of 'Atmanirbhar Bharat'—a vision of India charting its path to a dominant, self-reliant economy.
Beyond DIY enthusiasts, 3D printing has wide-ranging applications in industries like healthcare, education, and construction. The success of this post office project showcases the potential of 3D printing to address global housing shortages, environmental challenges, and more.
TTD Surfer 🏄
According to a report by Kyros Ventures, Coin68, and Animoca Brands, 76% of Vietnamese crypto holders rely on referrals from friends.
Ben Armstrong has called allegations made against him by BitBoy Crypto Network "diabolical" and has made his own counterclaims against the company.
Crypto exchange Gemini and a group of creditors called the Fair Deal Group have objected to Genesis' proposed bankruptcy plan.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.