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Robinhood en-route a projected valuation of $7 billion as bear market shows signs of waning

Akash Anand

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Robinhood en-route an expected valuation of $7 billion as bear market shows signs of waning
Source: Pixabay

The current bullish scenario in the cryptocurrency market has acted as a catalyst to generate more developments and updates in the field. The repercussions from the market behavior have also been beneficial to cryptocurrency organizations, with one company reaping a bountiful profit.

Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance. In the long-term, the company is speculated to be valued close to $10 billion, a figure riding on the back of recent announcements and positive sentiment from mainstream institutions.

The Baiju Bhatt-led company received a massive boost a few weeks back when it was awarded the BitLicense by the New York Department of Financial Services [DFS]. Maria T. Vullo, a financial services superintendent at the department, stated:

“DFS continues to lead the way in responsibly supervising and advancing innovation in New York’s flourishing financial technology sector through a strong state-based regulatory regime.”

In the last round of funding, Robinhood raised $363 million at a valuation of $5.6 billion, which was mainly led by DST Global, the venture firm operated by Russian billionaire Yuri Milner. Post the funding, Vlad Tenev, the co-CEO of Robinhood, said:

“We’re delighted that Robinhood Crypto has been granted a virtual currency license and a money transmitter license in New York. This will complement the larger suite of investment services that New Yorkers already have access to on the Robinhood platform.”

The news about the valuation comes in the wake of another update from the company where Robinhood opened trading for seven new cryptocurrencies in New York. People in the  Empire State can now conduct transactions involving Bitcoin [BTC], Bitcoin Cash [BCH], Bitcoin SV [BSV], Ethereum [ETH], Ethereum Classic [ETC], Litecoin [LTC] and Dogecoin [DOGE].





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GateHub: Stolen XRP funds transferred to prominent exchanges

Namrata Shukla

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GateHub stolen XRP funds moved to Bitfinex and OKEx
Source: Pixabay

The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.

One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:

Source: Whale Alert

Source: Whale Alert

Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:

Source: Whale Alert

Source: Whale Alert

The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.





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