Professional-crypto brokerage agency Robinhood has appointed former Barclays govt Jordan Sinclair to spearhead its UK growth.
On July 18, the Monetary Conduct Authority (FCA) accepted Sinclair’s appointment as CEO of Robinhood’s UK entity, in response to a register maintained by the watchdog.
Previous to becoming a member of Robinhood, Sinclair served as a managing director at European fintech agency Freetrade for over a yr.
He additionally held positions at Barclays, the place he labored because the director of group technique, and Wells Fargo, the place he labored as a company banker.
The appointment of Sinclair aligns with Robinhood’s long-standing plans to ascertain a presence in the UK.
Rumors of the corporate’s growth into the UK first surfaced in early 2019, however the launch has confronted quite a few delays.
In April 2022, Robinhood made progress towards its UK growth by saying its intention to purchase British crypto agency Ziglu.
Nevertheless, the deal ultimately fell via, resulting in additional delays.
Latest native stories prompt that Robinhood had begun the method of hiring key executives for its UK operations, indicating that the corporate is actively working in direction of its deliberate launch by the tip of 2023.
Nonetheless, particulars concerning Robinhood’s UK launch plans stay scarce, together with specifics on how the corporate will compete with Sinclair’s former employer, Barclays, and established funding corporations like AJ Bell and Hargreaves Lansdown.
Robinhood, based in 2013, skilled a surge in demand in the course of the COVID-19 pandemic as prospects sought various funding alternatives.
This led to a buying and selling frenzy in “meme shares” and contributed to the corporate’s present market valuation of roughly $11.5 billion.
Regardless of its success, Robinhood’s shares have confronted important fluctuations since its itemizing in 2021, at present valued at solely a 3rd of its preliminary itemizing worth.
Robinhood Delists Some Cryptocurrencies Amid SEC Crackdown
Final month, Robinhood delisted Solana (SOL), Cardano (ADA), and Polygon (MATIC) after the SEC stated these three had been securities.
At current, Robinhood gives customers entry to a comparatively restricted checklist of 18 completely different tokens, in contrast with a whole bunch accessible via opponents like Coinbase.
Robinhood initially started providing buying and selling of Bitcoin and Ethereum to customers in California, Massachusetts, Missouri, and Montana in February 2018.
The brokerage agency has since expanded its crypto choices significantly, even leaping on the meme coin craze with the itemizing of Dogecoin and Shiba Inu.
Within the first quarter of the yr, Robinhood made $38 million in crypto buying and selling income, down 29.6% from $54 million in Q1 2022.
In the meantime, Robinhood will not be the one platform that has determined to cease providing some cryptocurrencies within the US.
Earlier this month, Revolut, a distinguished UK-based fintech app, introduced that it’ll halt the providing of Cardano, Polygon, and Solana tokens for patrons in the USA.
Likewise, eToro, an Israel-based social-trading platform, restricted US customers from opening new positions in varied crypto tokens, together with Algorand, Decentraland, Sprint, and Polygon.