Robinhood And Jump Trading Stop Crypto Partnership: Report
- According to Coindesk, Robinhood Markets Inc. and Jump Trading have ended their crypto partnership.
- The two companies have yet to officially announce the separation, but the relationship seems to have ended in July 2023 or before.
- The 3rd largest Bitcoin wallet in the world worth about $3 billion owned by Robinhood is still managed by Jump Trading.
According to CoinDesk sources, Robinhood Markets Inc., a financial trading platform based in California (USA), is no longer partnering with Jump Trading Group, one of the major crypto exchange funds and market makers in the United States.
This ending worries many users because most of Robinhood’s crypto trading services are powered by Jump Trading. The rift relationship is said to have started in July this year. However, both Robinhood and Jump Trading have not officially announced the cause of the termination of cooperation.
Jump is said to be withdrawing from the US market amid increased regulatory scrutiny. In particular, the company is still embroiled in a lawsuit with the SEC because of its complicated relationship with the crypto empire that collapsed in May 2022, Terra – LUNA – UST.
Intel from the source adds little-noticed public evidence that their relationship has changed. Robinhood’s financial statements do not mention Tai Mo Shan Ltd. – Jump’s affiliate handles Robinhood’s order flow – as of Q4 2022.
Instead, the publicly traded broker is working with competitive market makers including B2C2, which now handle the majority of Robinhood’s cryptocurrency flows, according to public filings with the Securities and Exchange Commission. Stocks and Exchanges of the United States.
It was recently reported that the world’s 3rd largest Bitcoin wallet is holding 118,300 BTC (worth $3 billion) owned by Robinhood, the custody of these assets is overseen by the crypto trading company. Jump Trading, as confirmed by representatives from Arkham. If the partnership ends, what will be the fate of this BTC?
Jump Trading is the owner of the Jump Crypto investment fund – one of the “biggest” investment funds in the crypto field. The Fund has invested in more than 68 projects and led fundraising rounds of 32 prominent projects, including Aptos, Sui, Hashflow, Phantom Wallet, and Injective Protocol…
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.