🏹 Robinhood announces “Robinhood Connect” to promote crypto onboarding
🏹 Robinhood announces “Robinhood Connect” to promote crypto onboarding 💰 CZ clarifies net worth speculations as he appears on Bloomberg’s "New Finance Rich" list 🤖 New JPMorgan AI tool analyzes Federal Reserve statements to detect trading signals
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But here's what recently happened in the space:
Robinhood announces “Robinhood Connect” to promote crypto onboarding
Robinhood announced yesterday that they are expanding their crypto services with the launch of “Robinhood Connect”.
Introducing our latest investment in crypto, Robinhood Connect: rbnhd.co/on-ramp
A low-cost, on-ramp for customers, and a seamless integration for developers. Learn more:
— Robinhood (@RobinhoodApp)
Apr 27, 2023
Users will be able to access Robinhood's crypto features through external applications and wallets like Solana wallet Phantom and multi-coin wallet Exodus with the help of this feature.
Robinhood Connect will also allow users to connect with their Robinhood account and fund their Web3 wallets without having to log into the app. Robinhood already launched their non-custodial wallet for iOS in January 2023 and now, with the launch of Robinhood Connect, users will be able to trade assets through their crypto exchange.
This is a good move coming from Robinhood as it will further promote adoption of crypto and DeFi. As more people are now able to access Robinhood's crypto features through external applications, more people will be exposed and can take advantage of the benefits that crypto and DeFi offers.
CZ clarifies net worth speculations as he appears on Bloomberg’s "New Finance Rich" list
Bloomberg put CZ in a list of 25 "new finance billionaires" and ranked him in the 3rd spot, while speculations and rumors of his wealth have been circulating throughout the crypto sphere.
Numbers all wrong. I don't have anywhere near as much. Don't know why they do this. 🤷♂️
Also, never viewed FTX as a rival. We welcome more (well run) exchanges in the space.
— CZ 🔶 Binance (@cz_binance)
Apr 27, 2023
In response to these rumors, CZ has released a post in which he clarified that the reported estimates of his net worth are "overstated" and not reflective of his actual wealth.
CZ also spoke about the rumored rivalry between Binance and FTX, emphasizing that the company welcomes other exchanges in the space. He acknowledged that competition is healthy for the crypto industry, but at the same time reaffirmed that Binance is collaborative rather than competitive in nature.
According to the Bloomberg's list, Citadel's CEO Ken Griffin and tech investor Jeff Yass were also among the 25 leading financial figures. Alongside other entrepreneurs from the crypto space, their inclusion in the list is a testament to the growing acceptance and potential of crypto as an asset class, but also to the increasingly powerful role of digital currencies in global finance.
New JPMorgan AI tool analyzes Federal Reserve statements to detect trading signals
JPMorgan has reportedly unveiled a new AI tool to analyze Federal Reserve statements and speeches in an effort to detect potential trading signals.
JUST IN:🚨JPMorgan Unveils #ChatGPT AI Model to Predict Stock Market Moves on Fed Statements #crypto#bitcoin
— Crypto Macro (@cryptomacro14)
Apr 28, 2023
The tool is ChatGPT-based language model that analyzes the statements and assigns a Hawk-Dove Score. A "hawkish" score indicates that the Federal Reserve is likely to raise interest rates in order to keep inflation under control, while a "dovish" score indicates that the Federal Reserve is more likely to reduce interest rates in order to stimulate economic growth.
The tool will allow analysts to detect potential policy shifts quickly, which could provide a heads up for trading decisions. Preliminary applications of the tool have been encouraging thus far according to JPMorgan economist Joseph Lupton.
The model can analyze statements going back 25 years, and has found that Fed sentiment has fluctuated recently but remains mostly hawkish. The introduction of this AI tool is just the latest example of how AI is being used to identify potential trading signals and inform decision making in the financial industry.