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Robinhood Delaying Its IPO Plans amid Expansion of Its Crypto Business

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The initial plan of Robinhood was for the IPO to be done in June but the plans stretched to July.

A reliable source has it that In the past, the SEC has been concerned about Robinhood‘s growing business related to cryptocurrencies. While the company may be listed by summer, those plans may as well be achieved later, probably in fall. Robinhood plans to put its house in order and publicize its past financial performances to make way for the public listing. A company’s spokesperson disclosed that a successful Initial Public Offer (IPO) filing was done earlier in the year, March. According to Bloomberg, the initial plan of Robinhood was for the IPO to be done in June but the plans stretched to July.

Robinhood Activities amid Its IPO Plans

Robinhood began trading cryptos two years ago, 2018. Today the company’s portfolio includes Bitcoin, Litecoin, and even meme-based Dogecoin which started as a joke. Besides the mentioned digital coins, clients can get many products on this platform. Robinhood is particularly popular with first time (novice) crypto investors. Robinhood became both popular and controversial during the pandemic and has elected new members to its board. The company is also popular for meme stocks.

The crypto market has been very volatile this year. Bitcoin achieved a high of $64,000 after being backed and endorsed by high-profile investors, notably Elon Musk. However, the rally was short-lived and the prices dipped to as below $30 K in June. Other crypto have been following the same trend increasing uncertainty in the general market.

Sometimes in the near future, Gary Gensler, the current SEC chair, is expected to make momentous rulings on digital assets. Robinhood made the application in a “bad year”. The SEC has been busy, thanks to the many IPOs, particularly for Special Acquisition Companies (SPACs) in their in-tray. These delays have however caused an equity backlog in capital markets. As per Bloomberg’s report, SEC staff has however warned lawyers that this time around, it may take well over a month to review SPAC paperwork. Additionally, they can expect another two to three weeks to get feedback on changes and amendments.

What Ails the Cryptocurrency Market

In the recent past, China has intensified its crackdown on crypto, particularly Bitcoin. Following the Chinese government’s decision to launch a Central Bank Digital Currency (CBDC), the digital Yuan, Bitcoin was no more welcome. In fact, all Bitcoin-focused activities were banned.

Last month, the Chinese government denied rumors suggesting that they wanted to ban Bitcoin mining. However, the same authorities reviewed the same matter, but this time said that they wanted Bitcoin miners out ASAP.

The decision was informed by the thinking that Bitcoin and the digital Yuan would not thrive in a common environment. Government authorities believed that when put in the same ecosystem, Bitcoin would outshine the digital Yuan and possibly hinder its growth.

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Patrick is an accounting & economics graduate, a Cryptocurrency enthusiast, and a Blockchain technology fanatic. When not crafting informative pieces on any of the above subjects, he will be researching on how the Blockchain technology can transform the world, particularly the financial space.



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Everything You Need to Know About Decentralized Lotto on the Blockchain

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We spoke to Sulim Malook, the founder and CEO of Crypto Millions Lotto, to establish everything you need to know about digital lotteries.

Human behaviour and patterns are always changing, however the pandemic has greatly accelerated a shift in human behaviour and trends with regards to digital usage and consumerism. More people are doing more online, including buying goods, ordering food, working patterns, communicating with loved ones, entertaining themselves and more. The blockchain has facilitated this new trend with its many use cases and utilities, while promoting security, lack of human intervention and honesty.

No area least likely to benefit from these advantages is the lottery. The original shift in lottery usage saw the buying of lottery tickets move to online and now in the next major shift, players can use digital currencies and take part in lotteries around the world, which jurisdictionally, they have never been able to participate in before.

We spoke to Sulim Malook, the founder and CEO of Crypto Millions Lotto, to establish everything you need to know about digital lotteries.

What is a digital lottery?

Think about it like this. If you go to a casino, you have to buy chips from the cashier to play. We are a digital lottery, so as you would imagine our games are played with a digital currency. In our case it’s bitcoin. Think of bitcoin as the chips you have to buy to play Crypto Millions Lotto. That’s how we’ve merged crypto and lottery.Crypto Millions Lotto is a digital lottery that allows people to play eight of the world’s biggest lotteries, entirely online using bitcoin.

How do people play?

It’s very simple really. Once they’ve registered, people simply deposit bitcoin to play. After that it’s like any lottery, except instead of buying a physical ticket in a shop, they are selecting the numbers online and the tickets are saved to the player’s account.

Players can take part in any upcoming draws for any of the eight lotteries we offer. We notify all winners by email immediately. Payment of winnings is made within minutes of each lottery draw ending and winnings are all paid in bitcoin. The only exception is when someone is lucky enough to win the jackpot. When this happens, we give them the option to take their winnings in bitcoin or a local currency of their choice.

Does a digital lottery get played on the blockchain, rather than in the traditional manner?

Although we play entirely using bitcoin, our use of the blockchain is limited. We only make use of it when players want to deposit or withdraw bitcoin, to or from their accounts. We don’t use it for anything else.

What problems does the Bitcoin lottery seek to solve? 

There are two problems using bitcoin solves. The first is that if you play games across borders using a credit card or any other traditional form of payment, then there are complications and frustrations around whether the payment can be made or if it will be blocked, the exchange rate and payment periods. Using bitcoin removes all of that because it knows no borders.

The second reason is that by operating digitally using bitcoin we avoid a lot of infrastructure costs, including payment processing charges. Having a low cost base allows us to offer bigger jackpots. Our jackpots are bigger than the majority of state-run lotteries and bigger than any of our online competitors.

Does the volatility and insecurity surrounding Bitcoin affect your wins?

No, it doesn’t. Our prizes are not related in any way to the price or performance of bitcoin. In addition, although we pay prizes immediately from our ticket sales, larger jackpots are insured with the world’s leading prize indemnity specialist, before each draw starts. So, whatever is happening with bitcoin, we are able to guarantee that our winners receive bitcoin commensurate with the value of the prizes advertised.

What is a digital lottery affiliate program?

We offer people to promote our lottery and to get amazing rewards for bringing new players. We believe we have an affiliate program that is more attractive than anything on offer anywhere else. Not only does our program offer very attractive commissions, but significantly, it also offers an industry-first commission bonus of 5% of the jackpot won by any player that is referred to the program by an affiliate.

In addition, we support our affiliates by offering any new players they introduce, their first six plays for free (one on each of six international lotteries). There is no requirement to make a deposit first. We believe that is more generous than any other affiliate program, worldwide. Our payout to affiliates is next day, another industry first. The potential for an affiliate is huge with our program. We make payouts in bitcoin, daily for the lottery and 48 hours after the month end for casino games.

The Bottom Line

The world is moving fast, those who are resistant to change, are missing out on some spectacular opportunities only afforded to those who use the internet and the blockchain. This includes for finance, loans and earnings, for gaming, for tokenizing real world assets and prediction markets. A product like the digital lottery opens up the globe to players and is only available to those using Bitcoins.

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Kseniia is the Chief Content Officer of Coinspeaker, holding this position since 2018. Now she is very passionate about cryptocurrencies and everything connected with it, so she tries to ensure that all the content presented on Coinspeaker reaches the reader in an understandable and attractive way. Kseniia is always open to suggestions and comments, so feel free to contact her for any questions regarding her duties.



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BlockFi Formulates Plans to Go Public Despite Growing Regulatory Intervention

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BlockFi Formulates Plans to Go Public Despite Growing Regulatory Intervention

The documents circulated in the media have given an edge to the growing speculation highlighting the intention of BlockFi to go public in the next 12-18 months. The documents are also suggesting that the company will be closing a Series E funding round which will further make the company valuation reach a striking figure of $4.75 billion.

BlockFi was recently embroiled in an alleged security violation that had made the company suspend the acceptance of new user payment accounts. Despite growing speculation and BIS regulations, the company is still vying to seek a stable spot and go public in the next 12-18 months.

BlockFi Intends All Set to Go Public

Amidst such regulatory issues, the company is still striving for a public spot and is accelerating its operations to accomplish the task at hand. According to the documents circulated in the media, the company is closing a series E funding round valued at $500 billion. The funding round is headed by leading names such as Hedesophia and Daniel Loeb’s Third Point LLC. According to CoinDesk, other participants also include Tiger Global and Bain Capitals.

BlockFi has been focusing its efforts to go public long before the regulations grew deep. The company was once hoping to get a public spot in the second half of 2021, which was delayed and now appears to be progressive again in the middle of regulations imposed by Texas, Alabama, and New Jersey.

BlockFi was entangled in a state security regulatory case where the company was charged with allegations stating its participation in the unauthorized sale of securities. Texas finance officials were quick to notify the company of such alleged actions. Following the identical course, BlockFi received similar complaints against unauthorized BIA from New Jersey and Alabama which compelled the firm to postpone their decision of going public amidst such rising claims and statements.

BlockFi’s CEO Zac Prince however had confirmed through his tweets that the company will be cooperating with the legal proceedings imposed by the Bureau of Securities of the associated states and will have dialogues with regulators to establish a peaceful settlement. A set of documents that were disclosed to the media outlets have added a surge in speculation stating that the company might go public in the next 12-18 months. BlockFi was approached to comment on the matter concerning its intent to go public but the company has refused to issue any statement.

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BlockFi Formulates Plans to Go Public Despite Growing Regulatory Intervention



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Thesis Raises $21M in Series A Funding, Plans to Launch New Wallet

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The CEO talked about the expansion plans of Thesis, stating that the company is looking to increase its current team of around 40 across all projects.

Thesis, a crypto venture studio, has completed a $ 21 million Series A funding round. The Series A round saw a long list of investors including ParaFi Capital, Polychain, Capital Nascent, Draper Associates, Fenbushi Capital, alongside individual investors like Josh Cincinnati, Kain Warwick, Viktor, and Lisa Bunin, and James Prestwich.

Existing investors of the firm from previous funding rounds include Polychain Capital, which again participated in this round, Andreessen Horowitz, or a16z, and Paradigm. The cryptocurrency production studio according to reports plans to extend its reach in venture capital to a wider audience, and launch new projects including a Web 3 wallet set to be launched in September this year and will be its fifth studio project.

Matt Luongo, founder, and CEO of Thesis stated speaking to reporters stated that, the latest fundraiser will also see Dan Elitzer, co-founder of Nascent Join Thesis’s board of directors, adding that the Series A funding was secured through an equity round. Luongo also revealed that Thesis is now looking to enter new markets, grow its ecosystems as well as strengthen its tech capabilities. The CEO however declined to comment on the specific details.

The CEO highlighted the number of new infrastructures which continue to fill the crypto space, stating that he wants to ensure that the people who build in this space create open-source products with the communities being the sole focus and not companies or users who own them. Luongo added that he believes that the wallets should belong to the community and the users again noting that the planned Web3 portfolio is not intended to enrich the company behind the curtain, but enriching users. “If everything is close by, it is just a glorified bank,” he said.

Luongo talked about the expansion plans of Thesis, stating that the company is looking to increase its current team of around 40 across all projects. The crypto venture studio is also hiring engineers, designers, and product ideators to build decentralized finance (DeFi) solutions platform, a sector that has raked in millions this year in the crypto space.

“This investment validates the thesis model and will allow us to evolve the studio and ultimately allow our operation to be autonomous in the years to come,” Luongo stated.

The Series A funding now brings Thesis total funding to $26.5 million. The crypto production studio previously raised $5.5 million in an equity round. The company’s projects including Keep, Saddle, and Fold, have also collectively raised over $42 million, said Luongo.

Thesis was founded in 2014 and has a glowing seven-year portfolio which includes Fold, a consumer payments app, Keep Network, a confidentiality layer for public blockchains, Saddle, an automated market maker, and a decentralized exchange for swapping stablecoins. Thesis is also behind the open-source initiative project tBTC that serves millions of its users across the globe and has over $ 300 million in total locked-in value.

Fold was the world’s maiden Bitcoin-backed reward card with over $ 20 million in sales activity per month. According to the company, it has raised a total of $20 million through its partnership with Visa to bring Bitcoin to consumers and drive massive adoption of cryptocurrencies.

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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.



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