🤵 The future of finance: crypto leading the way

🤵 The future of finance: crypto leading the way 🪙 Robinhood lists USDC, the first stablecoin on its platform 💰 FTX prepares for a prolonged bear market by building a $1 billion war chest

GM, vEmpions! Our motto of the day is: "Just because you don't understand it doesn't mean it isn't valuable!" Crypto is for sure the future of finance, and if you don't get on board now, you'll most certainly be left behind. Check out what's been happening in the space recently:

🤵 The future of finance: crypto leading the way 🪙 Robinhood lists USDC, the first stablecoin on its platform 💰 FTX prepares for a prolonged bear market by building a $1 billion war chest

The future of finance: crypto leading the way

It's official: the apocalypse is upon us. Just five short years from now, half of the world's finance will be revolving around digital currency exchanges and wallets. If you're not already stockpiling Bitcoin, Ethereum, and other altcoins, you might as well start digging a bunker and stocking up on canned goods.

Jokes aside though, the rapid expansion of the financial technology industry is nothing to scoff at. Digital payment platforms, investment apps, and cryptocurrency exchanges are changing the way we interact with money on a global scale. And according to a recent study by Utility Bidder, five of the ten most influential fintechs of 2022 are crypto companies. And this comes as no surprise, considering the massive surge in popularity (and value) of digital currencies over the past few years.

Among those, OpenSea, the world’s largest non-fungible token (NFT) marketplace, ranked second with an overall fintech score of 8.61.  NFTs are digital assets that are unique and can't be replicated, like crypto-based collectibles or in-game items. OpenSea allows users to buy, sell, and discover a wide range of NFTs, from digital art and crypto-based games to virtual real estate and blockchain-based fashion items, so it's no wonder they're one of the most influential fintechs of the future. Other firms in the top list include cryptocurrency exchange FTX, Chainalysis, Fireblocks, and Circle.

So what does this mean for the future of finance? One thing is certain: the world is changing, and crypto is leading the way. We can only speculate about the specific details, but one things for sure – the days of paper money and metal coins are numbered. I'd start stocking up on crypto now if I were you.

Robinhood lists USDC, the first stablecoin on its platform

Robinhood has always been at the forefront of crypto innovation, and this latest move is sure to please its many users. With the addition of USDC, Robinhood now supports 17 cryptocurrencies in total – this list includes Bitcoin, Ethereum, Litecoin, ADA, Dogecoin, and of course, USDC.

This would be the first stablecoin listed on the Robinhood platform, and is sure to attract even more users to the popular brokerage app. This year, Robinhood also listed Shiba Inu to its list of traded cryptocurrencies – something that the SHIB army had been waiting for for several months.

In June, rumors surfaced that FTX exchange founder Sam Bankman-Fried was in talks to acquire Robinhood. This sent shockwaves through the financial world, and caused HOOD to surge by 18%.

Although the deal has not yet been confirmed by either party, it would be a major coup for FTX if it were to go ahead. Robinhood has been a major disruptor in the online brokerage space, and has amassed a large following of young, tech-savvy investors.

With the addition of USDC, Robinhood is solidifying its position as a crypto platform, which is sure to please its many users. With the FTX acquisition rumors still swirling, it looks like Robinhood is on track for an eventful late 2022 - early 2023.

FTX prepares for a prolonged bear market by building $1 billion war chest

Seems like FTX is trying to buy its way out of any possible trouble in the future. The company has built an estimated $1 billion war chest to continue deploying capital in order to bail out distressed crypto firms and buy their assets.  Speaking in an interview,  CEO and co-founder of major cryptocurrency exchange FTX Sam Bankman-Fried (SBF) revealed that the company is still within its comfort zone in the amount of funds it is willing to deploy without emptying its coffers. When asked wow much more assets FTX had to deploy, SBF replied:

"You have the issue of 'how much do we feel comfortable deploying.' Saying there's another part billion here that is completely unencumbered will get you within a factor of too certain of the right answer"

He also  noted that the company has been making use of its own funds, as well as profits it has made this year and from last year, to finance its activities.

With this kind of financial backing, it seems like FTX is ready to take on any challenges that come its way- both in terms of bailouts and acquisitions. So far, the company has been relatively successful in its efforts. The company's philosophy is guided by the need to both protect consumers, as well as stop contagion from spreading across the crypto ecosystem due to the failure of any asset or firm. This might be good news for their customers in the long term, but it remains to be seen if FTX will be able to sustain its current course.