Robinhood announced that its cryptocurrency business closed in Q1, 2022. has made tremendous progress in
Charlie Munger, Warren Buffett’s right-hand man and Berkshire Hathaway’s vice president, slammed the trading app Robinhood, saying the company is now “disclosure”.
Munger described Robinhood as “short-term gambling, large commissions, hidden bribes, and the like”.
Robinhood does not charge clients commissions and makes most of its profits from “pay for order flow”, which is a back-end fee paid to brokerages to pass clients’ trades to market makers.
Describing it as “disgusting”, Munger said, “It is now settled. God is being just.” Munger initially attacked Robinhood’s practices in February 2021 amid a business frenzy, while calling the app’s business model a “dirty way to get money”.
During Berkshire Hathaway’s annual shareholder meeting in Omaha, the company’s vice president also raided bitcoin, warning that the world’s largest cryptocurrency will “very likely” crash to zero.
Despite reporting declining revenue in its most recent quarterly report, Robinhood announced that its cryptocurrency business made tremendous progress in Q1, 2022.
In early April, Robinhood began issuing crypto wallets to the more than two million people on its waiting list, and it recently completed deployment to all customers. Last month, it also decided to buy Ziglu Limited, a cryptocurrency platform based in the United Kingdom. In addition, Robinhood added four more crypto assets to its platform: Compound, Polygon, Solana and Shiba, Inu, and more on the way.
Robinhood holds 40.4 billion Dogecoin
Popular brokerage app Robinhood continues to issue Dogecoin on behalf of its clients, according to doge whale alertA Twitter account focused on DOGE transactions.
According to a recent Twitter update shared by @DogeWhaleAlert, the Robinhood app currently holds a total of 40,416,298,933 Dogecoins, valued at $5,613,904,754. It also accounts for 30.46% of the circulating supply of the leading meme cryptocurrency. According to the tweet, Dogecoin assets are held in two wallets, 3334959 and 1699275, which contain eight known digital addresses.