Rapper Jay-Z Invests in Crypto
Robinhood’s trading platform is favored by musicians
Jay Z, a well-known rapper and producer, has invested an undisclosed amount in US financial services company Robinhood, Arrive, a subsidiary of Jay Z’s entertainment company Roc Nation, said in a statement on Tuesday.
Arrive wants to support Robinhood in its goal to improve the access to financial markets and lower the customers’ expenses, the company’s president, Neil Sirni, said in the statement.
Robinhood was set up in 2015 by Vlad Tenev and Baiju Bhatt, offering a platform for commission-free trading of US stocks, ETFs, and options. Last week, it revealed its Robinhood Crypto project to trade Bitcoin and Ether charge-free.
According to experts, similar platforms could easily replace other well-established platforms and represent the future of digital finance.
Interestingly, Robinhood is popular among musicians. Already in 2014, the venture received capital support from rappers Snoop Dogg and Nas, and by Jared Leto, the lead singer of 30 Seconds to Mars.
Robinhood is valued at USD 1.3 billion and has three million users, according to Arrive’s statement. This compares to 10 million users for Coinbase and 6 million users for Binance, its major competitors.
Analyzers notice that billion dollar companies are more and more interested in crypto projects, which comes to show the industry has future, even though its development is in very early stage and many things still must be sorted out.