With Bitcoin’s upcoming halving in April 2024, financial firms like Robinhood and Revolut are preparing for potential market shifts.
Bitcoin (BTC) recently hit a new all-time high of $73,750 on Mar. 14. Amid this, companies such as Robinhood and Revolut are making strategic moves to capitalize on this bullish wave.
Robinhood, the brokerage platform, expanded its crypto wallet access to Android users on Mar. 20. The Robinhood Wallet app, now available on Google Play, allows users to manage their crypto assets like Bitcoin, Ethereum (ETH), and others securely.
This expansion comes on the heels of the platform’s success with its iOS crypto wallet, which has garnered hundreds of thousands of downloads globally since its launch in March 2023.
Similarly, Revolut, a global fintech company with over 40 million customers, unveiled its latest crypto offering, Revolut Ramp, on Mar. 6 in partnership with MetaMask, a leading self-custodial wallet.
Let’s delve deeper and explore the implications of their actions amid the ongoing bull run.
Robinhood’s consistent efforts to integrate crypto
Robinhood has been strategically expanding its foothold in 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 does not anticipate a shift from stocks to crypto.
“I wouldn’t say that we’re anticipating a massive shift from stocks to cryptocurrencies. We don’t see the equities market going away anytime soon.”
Robinhood co-founder Vlad Tenev said.
However, by January 2018, Tenev acknowledged crypto as an entry point into investing and financial services for many individuals.
In February 2018, the company introduced cryptocurrency trading services to customers in select U.S. states, initially limiting access to California, Massachusetts, Missouri, Montana, and New Hampshire.
This move followed the unveiling of Robinhood Feed, a feature designed to allow users to track cryptocurrency news and discuss market movements within the app.
Fast forward to March 2023, Robinhood expanded its crypto offerings further with the launch of Robinhood Wallet.
Initially rolled out to iOS users, the wallet garnered widespread adoption, with hundreds of thousands of downloads across more than 140 countries. During that period, the waitlist for the iOS crypto wallet exceeded one million users.
Continuing its penetration deeper into the crypto market, Robinhood continued its global expansion strategy.
In December 2023, the company announced plans to launch crypto trading services in the European Union, which marked its second major expansion beyond the U.S. market.
The company aimed to attract EU users, capitalizing on the regulatory environment outlined by the Markets in Crypto Assets Regulation (MiCA), which is more receptive to crypto innovation compared to the stricter regulations in the U.S.
Most recently, in March 2024, Robinhood launched its Android crypto wallet app. The app provided users with access to a diverse range of tokens and trading opportunities, with support for various blockchain assets and decentralized exchanges (DEX) aggregators.
Revolute’s increasing foray into crypto space
Revolut entered the crypto market in July 2017 by introducing BTC trading services, which later expanded to include Litecoin (LTC) and ETH support by December 2017.
The company further diversified its offerings in May 2018 by adding Ripple (XRP) and Bitcoin Cash (BCH).
Meanwhile, Revolut recently unveiled plans to launch a crypto exchange targeted towards advanced traders, as revealed by CoinDesk.
This exchange, set to offer lower fees and enhanced market analytics, aims to cater to the needs of experienced traders seeking deeper analytical tools and cost-effective trading options.
Revolut has invited select customers to test the new platform, which has fees ranging from 0% to 0.09% and supports both limit and market orders for trading flexibility.
While Revolut continues to innovate in the crypto space, it has temporarily suspended crypto services for its business customers in the UK in response to new regulations from the Financial Conduct Authority (FCA).
Despite the regulatory challenges, Revolut on Mar. 6 announced a collaboration with MetaMask to streamline the process of purchasing cryptocurrency directly into MetaMask wallets.
Known as Revolut Ramp, this initiative allows customers in the UK and European Economic Area (EEA) to purchase up to 20 different cryptocurrencies directly into their MetaMask wallets, bypassing additional verification checks through integration with the Revolut app.
Capitalizing on the bull market
With the 2024 crypto market buzzing with bullish activity, both financial firms and individual investors are preparing for what seems like a phase of growth and opportunities.
Companies like Robinhood and Revolut seem to be capitalizing on these favorable market conditions, positioning themselves strategically.
Meanwhile, these positive sentiments are expected to gain even more traction following the upcoming Bitcoin halving in April 2024, an event known for reducing block rewards and typically attracting new crypto users.
This anticipated increase in user interest, coupled with the appealing market dynamics from a reduced supply, could revive enthusiasm among investors who were cautious during the previous bear market.
Adding to the growing optimism, Pantera Capital, a leading American hedge fund, predicts a strong bull market in the crypto sector over the next 18-24 months. Their forecast is based on a range of market indicators and trends, pointing towards a fruitful year in crypto investments.
As the crypto market continues to evolve with new services and features, competition is heating up for companies like Robinhood and Revolut. With more entrants offering similar services, they must innovate and enhance user experience while adopting competitive pricing strategies to stand out from giants like Binance or Coinbase.
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