Popular trading app Robinhood has stepped in to prevent its customers from trading stocks such as GameStop given how much they’ve rallied. This has prompted criticism from Reddit users, who immediately hopped on social media to tout cryptocurrency as legitimate investment tools that cannot be controlled. Both Bitcoin and Dogecoin prices have surged after they have gotten the attention of the social media community.
In response to Robinhood’s step, U.S. cryptocurrency exchange, Bittrex, started offering the tokenized stocks that have been delisted from several trading platforms following the GameStop saga. The exchange has decided to list tokenized stocks for Gamestop, AMC, Nokia and BlackBerry with plans to list more additional stocks whenever they are delisted from other platforms.
Reddit has doubled-down on its blockchain and cryptocurrency involvement with a new partnership with the Ethereum Foundation. As a result, Reddit plans to utilize the Ethereum network to create larger-scale applications like the Community Points introduced last year. Ethereum choice was rather apparent as Reddit was looking into exploring an open-source and publicly available scaling technology.
BuyUcoin, a cryptocurrency exchange based in India, was the alleged victim of a data breach that may have affected more than 150,000 customers. While the trading platform is denying any such incident, one of its customers says he found his personal data, along with the information of several of the exchange’s traders, posted on an underground hacking forum.
That’s what’s happened this week in crypto. See you next week.
A special thanks to eToro for sponsoring this video.