Popular stock trading platform Robinhood's Share prises played a SeaSaw game on the news of its acquition of the platform by high-impact cryptocurrency exchange firm FTX.
Rise On News
On 28 June, Bloomberg reported that Robinhood is being sought after by FTX, which increased the value of Robinhood shares to upto 18%, but later the value dropped 5% when FTX Chairman SBF revealed that he is not in talk with Robinhood. However, SBF did not rule out his intrest in partnering with Robinhood.
SBF is in an effort to get a popular trading app that would combine the crypto and stock markets for FTX, and Robinhood pretty much matches the demand. Although Robinhood primarily focuses on stocks, it also engages in a small amount of cryptocurrency trading.
FTX -1, Robinhood -0
The value of Robinhood shares is still considerably lower than the peak value reached in July 2021. So the resent increase shows FTX's strong market position. FTX acquisitions of Robinhood would be a revolutionary step in the trading of stocks via cryptocurrency. This will also increase market strength of cryptocurrency.