TL; DR
Full story
12 months ago it was a bad idea to add a crypto platform/tool/service to your existing web2 product offering.
(At least, in the eyes of most traditional investors).
Why? Because:
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Prizes were in the toilet
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AI was the new technology that everyone wanted to see integrated
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And the SEC was on a warpath with the crypto industry (☝️ so much so that speakers canceled US conference appearances for fear they would be arrested at the border)
But now we’re seeing a major shift in that sentiment – highlighted by Robinhood’s acquisition of crypto exchange Bitstamp (announced last week).
This acquisition will expand Robinhood’s global reach within crypto, whose trading accounted for 20% of total revenue in the first quarter of this year.
That’s nice for Robinhood shareholders, but that’s not what we’re noticing here.
Zoom out a little and you’ll start to see a bigger signal…
Robinhood increased crypto revenues and acquired Bitstamp – all while being sued by the SEC for owning crypto assets.
Add it all up and you see three parts of a broader trend:
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Companies want to adopt crypto
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Users want to adopt crypto
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They are willing to fight for it
And in an election year, these types of trends carry more weight.
To quote Yano: “The US is back baby.”