With Bitcoin’s upcoming halving in April 2024, monetary corporations like Robinhood and Revolut are getting ready for potential market shifts.
Bitcoin (BTC) not too long ago hit a brand new all-time high of $73,750 on Mar. 14. Amid this, firms akin to Robinhood and Revolut are making strategic strikes to capitalize on this bullish wave.
Robinhood, the brokerage platform, expanded its crypto pockets entry to Android customers on Mar. 20. The Robinhood Pockets app, now accessible on Google Play, permits customers to handle their crypto belongings like Bitcoin, Ethereum (ETH), and others securely.
This enlargement comes on the heels of the platform’s success with its iOS crypto pockets, which has garnered tons of of 1000’s of downloads globally since its launch in March 2023.
Equally, Revolut, a world fintech firm with over 40 million clients, unveiled its newest crypto providing, Revolut Ramp, on Mar. 6 in partnership with MetaMask, a number one self-custodial pockets.
Let’s delve deeper and discover the implications of their actions amid the continuing bull run.
Robinhood’s constant efforts to combine crypto
Robinhood has been strategically increasing its foothold within the crypto market.
Initially, co-founder Vlad Tenev had expressed skepticism about venturing into crypto, stating in an interview with CNBC in October 2017 that the platform doesn’t anticipate a shift from shares to crypto.
“I wouldn’t say that we’re anticipating a large shift from shares to cryptocurrencies. We don’t see the equities market going away anytime quickly.”
Robinhood co-founder Vlad Tenev mentioned.
Nonetheless, by January 2018, Tenev acknowledged crypto as an entry level into investing and monetary companies for a lot of people.
In February 2018, the corporate introduced cryptocurrency buying and selling companies to clients in choose U.S. states, initially limiting entry to California, Massachusetts, Missouri, Montana, and New Hampshire.
This transfer adopted the revealing of Robinhood Feed, a function designed to permit customers to trace cryptocurrency information and focus on market actions inside the app.
Quick ahead to March 2023, Robinhood expanded its crypto choices additional with the launch of Robinhood Pockets.
Initially rolled out to iOS customers, the pockets garnered widespread adoption, with tons of of 1000’s of downloads throughout greater than 140 international locations. Throughout that interval, the waitlist for the iOS crypto pockets exceeded a million customers.
Persevering with its penetration deeper into the crypto market, Robinhood continued its world enlargement technique.
In December 2023, the corporate announced plans to launch crypto buying and selling companies within the European Union, which marked its second main enlargement past the U.S. market.
The corporate aimed to draw EU customers, capitalizing on the regulatory setting outlined by the Markets in Crypto Property Regulation (MiCA), which is extra receptive to crypto innovation in comparison with the stricter laws within the U.S.
Most not too long ago, in March 2024, Robinhood launched its Android crypto pockets app. The app offered customers with entry to a various vary of tokens and buying and selling alternatives, with help for numerous blockchain belongings and decentralized exchanges (DEX) aggregators.
Revolute’s growing foray into crypto house
Revolut entered the crypto market in July 2017 by introducing BTC buying and selling companies, which later expanded to incorporate Litecoin (LTC) and ETH help by December 2017.
The corporate additional diversified its choices in Might 2018 by including Ripple (XRP) and Bitcoin Money (BCH).
In the meantime, Revolut not too long ago unveiled plans to launch a crypto alternate focused in direction of superior merchants, as revealed by CoinDesk.
This alternate, set to supply decrease charges and enhanced market analytics, goals to cater to the wants of skilled merchants searching for deeper analytical instruments and cost-effective buying and selling choices.
Revolut has invited choose clients to check the brand new platform, which has charges starting from 0% to 0.09% and helps each restrict and market orders for buying and selling flexibility.
Whereas Revolut continues to innovate within the crypto house, it has briefly suspended crypto companies for its enterprise clients within the UK in response to new laws from the Monetary Conduct Authority (FCA).
Regardless of the regulatory challenges, Revolut on Mar. 6 introduced a collaboration with MetaMask to streamline the method of buying cryptocurrency straight into MetaMask wallets.
Generally known as Revolut Ramp, this initiative permits clients within the UK and European Financial Space (EEA) to buy as much as 20 completely different cryptocurrencies straight into their MetaMask wallets, bypassing extra verification checks via integration with the Revolut app.
Capitalizing on the bull market
With the 2024 crypto market buzzing with bullish exercise, each monetary corporations and particular person traders are getting ready for what looks as if a part of progress and alternatives.
Corporations like Robinhood and Revolut appear to be capitalizing on these favorable market circumstances, positioning themselves strategically.
In the meantime, these constructive sentiments are anticipated to realize much more traction following the upcoming Bitcoin halving in April 2024, an occasion recognized for lowering block rewards and sometimes attracting new crypto customers.
This anticipated enhance in consumer curiosity, coupled with the interesting market dynamics from a decreased provide, may revive enthusiasm amongst traders who have been cautious throughout the earlier bear market.
Including to the rising optimism, Pantera Capital, a number one American hedge fund, predicts a powerful bull market within the crypto sector over the following 18-24 months. Their forecast is predicated on a spread of market indicators and developments, pointing in direction of a fruitful 12 months in crypto investments.
Because the crypto market continues to evolve with new companies and options, competitors is heating up for firms like Robinhood and Revolut. With extra entrants providing related companies, they need to innovate and improve consumer expertise whereas adopting aggressive pricing methods to face out from giants like Binance or Coinbase.