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Report Suggests Robinhood Owns Largest Dogecoin Address and Third-Largest BTC Wallet

30/07/2021 by Idelto Editor

Last February the crypto community was obsessed with a specific dogecoin address that happens to be the largest dogecoin holder today with over 36 billion DOGE. One armchair sleuth studied a number of onchain transactions and suspected the company Robinhood owned the wallet. Now the individual has researched the topic again and claims the latest findings help confirm the dogecoin wallet does belong to Robinhood. Alongside this, the person suspects Robinhood controls the third-largest bitcoin wallet as well.

Onchain Research Suggests Robinhood Not Only Owns the Mysterious Doge Whale Wallet, but Also the Third-Largest BTC Wallet

Two days ago, the Reddit account u/Andreifromalberta published research that claims the company Robinhood (Nasdaq: HOOD) holds more bitcoin (BTC) than the firm Microstrategy. The Redditor Andrei is the same sleuth that published research four months ago on the notorious dogecoin (DOGE) wallet dubbed “DH5,” which happens to be the largest DOGE wallet today.

The Reddit post the Redditor u/Andreifromalberta posted back in February 2021.

Back in February, Andrei posted about the subject as the “DH5” address became an extremely topical subject that month. Andrei said in the r/dogecoin Reddit post that findings suggest the company Robinhood is the owner of the “DH5” dogecoin address and explained how onchain research led to this conclusion.

The Reddit post on r/bitcoin from the Redditor u/Andreifromalberta posted two days ago shows a score of new findings.

This past week, the online brokerage firm Robinhood had an initial public offering (IPO) and the company’s CEO Vlad Tenev talked about the firm’s crypto positions in an interview on May 6. Tenev’s statements at the Robinhood fireside chat back in May explained that the exchange allegedly provided customers with access to their specific holdings only.

“We don’t have significant positions in any of the coins that we keep on a proprietary basis or anything like that,” Tenev stressed at the fireside chat. Despite Tenev’s statements, Andrei believes the company does have significant positions in a number of crypto assets.

Andrei’s research once again ties the “DH5” dogecoin address to Robinhood, but it also details how the exchange probably owns a number of large wallets from coins like BTC, ETH, and BCH. According to Andrei’s findings, rich-list wallets from six major crypto assets are allegedly controlled by the company Robinhood.

Report Notes Robinhood Likely Owns Some of the Richest Addresses from 5 Different Blockchains

On Reddit, Andrei gives a step-by-step analysis of why Robinhood is suspected of being the owner of not only the “DH5” dogecoin address, but the third-largest BTC address “1P5” as well.

The Redditor, Andrei, believes the third-largest bitcoin (BTC) address belongs to Robinhood. The wallet was established around the same time period the “DH5” dogecoin address was created.

Not only that, but Andrei’s asks if Robinhood follows the exact same pattern of cold storage for BTC and DOGE, “wouldn’t it also make sense for them to follow the same pattern for the other 5 Cryptos that they offer for trading (ETH, LTC, BCH, ETC, BSV)?.” The armchair sleuth believes this is the case for all of the aforementioned coins and “the top rich addresses belonging to Robinhood on those blockchains.”

The bitcoin (BTC) address starting with “1P5” holds 113,842 BTC and it started accumulating in February 2019. Coincidentally, the DH5 dogecoin address started accumulating at the same time as the “1P5” bitcoin address.

Andrei’s report suspects that Robinhood owns the second-largest litecoin (LTC) address “LQT” and the second-largest bitcoin cash (BCH) address “16N.” The fourth-biggest ethereum (ETH) address “0x7” is also suspected of being Robinhood’s exchange wallet.

“Holding over 2 million ETH, it was seeded in exactly the same manner,” Andrei’s report adds. The Redditor also shared an article explaining why the richest crypto addresses are still very important.

“Robinhood (RH) indeed owns more BTC (116K) than Microstrategy (105K), as a custodian for RH crypto clients,” the Redditor concludes. “In aggregate, 10+ million crypto Robinhooders are actually smart money, heavily buying the bitcoin and crypto dip since the crash in May. Wallets are urgently needed to give the freedom of self-custody to millions of RH investors,” the investigator added.

What do you think about the Redditor’s findings that suggest Robinhood owns all these wallet addresses? Let us know what you think about this subject in the comments section below.

Paypal Unveils Plans to Expand Cryptocurrency Services With ‘Super App’ and Open Banking Integration

30/07/2021 by Idelto Editor

Payments giant Paypal has outlined its plans to expand cryptocurrency services, including via a new wallet “super app,” open banking integration, U.K. expansion, and third-party wallet transfers. “We continue to be really pleased with the momentum we’re seeing on crypto and we’re obviously adding incremental functionality into that,” said Paypal’s CEO.

Paypal Reveals Crypto Plans, Details of ‘Super App’

Paypal CEO Dan Schulman talked about his company’s crypto plans and the progress of the upcoming “super app” during the payments giant’s second-quarter earnings conference call Wednesday.

“I’m pleased to report that the initial version of our new consumer wallet super app is code complete and we are now beginning to slowly ramp,” Schulman began, elaborating:

New features will include high yield savings, early access to direct deposit funds, new and improved bill pay functionality, messaging capabilities outside of P2P to enable family and friend communications, as well as additional crypto capabilities and customized deals and offers.

“Each wallet will be uniquely driven by our advanced AI and machine learning capabilities in order to enhance each customer’s experiences and opportunities,” he added.

“In the next several months, we plan to be fully ramped in the U.S. with a host of products and services across payments, basic consumer financial services and commerce and shopping tools launching every quarter,” the CEO continued.

During the Q&A part of the call, Ramsey El-Assal, an analyst with Barclays Investment Bank, asked about the CEO’s updated view on crypto and blockchain and how Paypal planned to engage with the ecosystem from a consumer product perspective.

Schulman replied: “We continue to be really pleased with the momentum we’re seeing on crypto and we’re obviously adding incremental functionality into that.” The executive also mentioned that Paypal recently increased the weekly crypto purchase limit to $100,000 and removed the annual limit altogether.

Furthermore, the CEO noted:

We’re right in the middle of some open banking integration, which will increase the ability to fully integrate into ACH and do faster payments. We’re going to launch hopefully, maybe even next month in the UK, open up trading there. We’re working right now on transfers to third party wallets and we really want to make sure that we create a very seamless process for taxes and tax reporting.

“And so, we’re really looking at how do we integrate that into both the trading and the buy with crypto on our platform,” the CEO detailed, adding, “We’re also seeing strong adoption and trading of crypto on Venmo.”

What do you think about Paypal’s crypto plans? Let us know in the comments section below.

US Senator Lummis: Big Government Spenders Are Accelerating Adoption of Crypto Assets Like Bitcoin

30/07/2021 by Idelto Editor

U.S. Senator Cynthia Lummis is pushing for regulation that would ensure bitcoin remains a good store of value. If the cryptocurrency “is to become what El Salvador has done, legal tender, then we need to make sure that we are using it in ways that comply with the Bank Secrecy Act and anti-money laundering laws,” she said. The pro-bitcoin senator also noted that big government spenders are “doing far more to accelerate the adoption of digital assets” than she is.

Senator Lummis on Bitcoin Adoption and Cryptocurrency Regulation

U.S. Senator Cynthia Lummis has shared her view about cryptocurrency regulation and adoption. Following the Senate Banking Committee’s hearing about cryptocurrencies, she tweeted Wednesday:

Big gov’t spenders are (accidentally) doing far more to accelerate the adoption of digital assets than I am. The debasement of our currency is causing a flight to digital assets like bitcoin that are a store of value.

However, she added that “spending America deeper into a hole is a stupid, inflationary and altogether undesirable way to drive people to digital assets.” The senator emphasized: “I want USD to continue as the world’s reserve currency. We need to reign in spending and support financial innovation on U.S. soil to protect the status of the United States.”

In an interview with Fox Business Wednesday, Senator Lummis was asked what form of cryptocurrency regulation she would like to see in the U.S. going forward.

“I want to start with good solid definitions … I want the end result to be a regulatory sandbox where everyone understands the rules but innovation can still occur unrestricted,” she replied.

She was then specifically asked how the crypto regulation she is pushing for would affect bitcoin. She explained:

We want to make sure that bitcoin can continue to serve as a good store of value. And, if it is to become what El Salvador has done, legal tender, then we need to make sure that we are using it in ways that comply with the Bank Secrecy Act and anti-money laundering laws. We want to make sure that it’s used legitimately.

The senator from Wyoming was also asked if she owned bitcoin herself. “I do own bitcoin myself. It’s the only cryptocurrency I own. I own it because it’s a great store value. I’m going to save it so when I retire I know it’s there,” she described. “The only digital asset that I understand is bitcoin because it’s such a great store of value. Only 21 million will ever be mined.”

Lummis further opined:

I encourage other people, who want to make sure that they have a diversified asset allocation for their retirement, at least one asset that they know is going to hold its value much like gold, that they consider bitcoin.

What do you think about Senator Lummis’ comments on bitcoin and regulation? Let us know in the comments section below.

Mike Novogratz Says Institutions Are Buying Bitcoin, Politicians Need More Crypto Education

29/07/2021 by Idelto Editor

Galaxy Digital CEO Michael Novogratz says that cryptocurrencies, such as bitcoin, have bounced back because institutional investors are buying. Responding to U.S. Senator Elizabeth Warren’s anti-crypto stance, he stated, “We need to do a much better job going to D.C.” to educate lawmakers.

Novogratz Says Institutions Are Buying

Galaxy Digital CEO Mike Novogratz talked about the outlook for bitcoin in an interview with CNBC Wednesday.

He was asked how he sees bitcoin’s price action and what he thinks has been driving the price of the cryptocurrency back to the $40,000 level. The pro-bitcoin executive replied:

Crypto has bounced back because institutions are buying.

He brought up the FTX exchange as an example. The exchange recently raised $900 million from more than 60 investors, putting the company’s valuation at $18 billion. Investors included Softbank Group Corp., venture capital firm Sequoia Capital, private equity giant Thoma Bravo, Daniel Loeb’s Third Point, the Paul Tudor Jones family, and British hedge fund manager Alan Howard.

Novogratz dismissed the explanation that the price hike was due to the news that Amazon may be accepting cryptocurrency payments.

Emphasizing that institutions are some of the smartest investors in the world and they are participating in the crypto space, he said:

That sent a signal to the whole crypto market that this isn’t going away.

“This was partly a big short-covering rally and partly recognition that this is a real market that isn’t going anywhere,” said the Galaxy Digital CEO.

Novogratz was also asked about cryptocurrency regulation and what it could potentially look like in the U.S. particularly after the warnings by Senator Elizabeth Warren.

Warren warned Tuesday that bitcoin’s price fluctuations put retail investors and businesses that accept bitcoin payments at risk. In addition, she claimed that individuals who use bitcoin as money are criminals.

Regarding Senator Warren’s remarks about cryptocurrencies, the Galaxy Digital CEO opined:

It was disappointing. She was supercilious. She was smug. Really disappointed she hadn’t done any work. This is a progressive technology. She is supposed to be a progressive.

“Crypto goes after the rent takers. If you look at defi [decentralized finance]. If you look at the NFT [non-fungible token] revolution. It’s going to empower artists and creators over the people that used to make money off their backs. So, really frustrating and disappointing,” he continued, adding:

It just tells us … We need to do a much better job going to D.C. and educate [lawmakers].

Novogratz also responded to Warren’s anti-cryptocurrency stance on Twitter Tuesday.

“Banks charged $12 billion in overdraft fees, a fortune in ATM fees, a fortune in checking account fees. But you keep going after crypto where saving and money transfer is a fraction of banks. Good job Senator Warren. You really don’t seem so progressive to me,” he tweeted, elaborating:

If banks had the transparency of defi protocols, we would not have had the mortgage crisis. Defi will win because it’s better.

“Atomic settlement. Bearer assets. Composability. Transparency. We just need to solve for KYC which is coming. We need to educate our politicians,” he concluded.

What do you think about Novogratz’s comments? Let us know in the comments section below.

Mastercard Launches Global Program to Help Cryptocurrency Startups Scale Their Innovations

28/07/2021 by Idelto Editor

Payments giant Mastercard has launched a new, global program for cryptocurrency startups. Seven crypto companies have already joined the program. Together with Mastercard, they will work to “expand and accelerate innovation around digital asset technology and make it safer and easier for people and institutions to buy, spend and hold cryptocurrencies and digital assets.”

Mastercard’s New Crypto Program

Mastercard announced Tuesday “a new Start Path global startup engagement program dedicated to supporting fast-growing digital assets, blockchain and cryptocurrency companies.”
Seven startups have already joined the program. They will work with Mastercard “to expand and accelerate innovation around digital asset technology and make it safer and easier for people and institutions to buy, spend and hold cryptocurrencies and digital assets,” the announcement details.
The startups include GK8, Mintable, Stacs, and Supraoracles. GK8 (Israel) is a self-managed end-to-end institutional crypto custody platform. Mintable (Singapore) is a non-fungible token (NFT) marketplace, Stacs (Singapore) provides a blockchain infrastructure for the financial industry, and Supraoracles (Switzerland) is a blockchain oracle.
The other companies that have joined the program are Taurus, Uphold, and Domain Money. Taurus (Switzerland) provides enterprise-grade infrastructure to manage any digital assets, including crypto assets, digital currencies and tokenized assets covering issuance, custody, asset servicing and trading. Uphold (USA) is a crypto investment and payment service provider for consumers and businesses, and Domain Money (USA) looks to build an investment platform to bridge the gap between digital assets and traditional finance for retail investors.
The Start Path program has helped more than 250 startups since 2014, the announcement notes. The program now provides crypto startups access to Mastercard’s “latest tools and solutions to help these companies scale their innovations and cutting-edge technologies.”
Mastercard explained: “These startups use the program to connect with our ecosystem of banks, merchants, partners and digital players across the globe to deliver new solutions.”

Jess Turner, executive vice president of New Digital Infrastructure and Fintech, commented that “Mastercard has been engaging with the digital currency ecosystem since 2015,” elaborating:

As a leading technology player, we believe we can play a key role in digital assets, helping to shape the industry, and provide consumer protections and security. Part of our role is to forge the future of cryptocurrency, and we’re doing that by bridging mainstream financial principles with digital assets innovations.

Last week, Mastercard announced an enhancement to its card program for cryptocurrency wallets and exchanges, with the aim to make it “simpler for partners to convert cryptocurrency to traditional fiat currency.”

What do you think about Mastercard’s new program for crypto startups? Let us know in the comments section below.