Today In Blockchain: Robinhood, Future Fintech, Applied DNA Sciences, Bank of America
Bitcoin and blockchain mania continue to dominate headlines, with many companies changing their entire business structure to accommodate the growing industry.
Several companies announced blockchain-related business updates Thursday.
Fee-Free Crypto Trades
The wildly popular Robinhood trading app has announced it will introduce cryptocurrency trading on its commission-free platform. The move will allow retail investors to trade bitcoin and ethereum with no fees starting in Februrary. Users will also be able to track prices of other cryptocurrencies, including Ripple and Litecoin, on the platform.
“We’re planning to operate this business on break-even basics and we don’t plan to profit from it for the foreseeable future. The value of Robinhood Crypto is in growing our customer base and better serving our existing customers,” said Robinhood co-founder Vlad Tenev.
Credit Card Issuers, Banks Review Bitcoin Policies
Dow Jones reports that Capital One Financial Corp (NYSE:COF), Discover Financial Services (NYSE:DFS) and TD Ameritrade Holding Corp. (NASDAQ:AMTD) are among those banning or limiting Bitcoin purchases. Bank of America Corp (NYSE:BAC) and Citigroup Inc (NYSE:C) are also reviewing policies that allow bitcoin purchases on credit cards.
Digipay, Future Fintech Strike Deal
Future Fintech Group Inc (NASDAQ:FTFT) announces that Digipay entered into an agreement to acquire 60 percent of the digital assets associated with the blockchain development project DCON. The company will pay $9.6 million for digital assets by issuing 1.2 million shares at $8 each. Future Fintech shares were briefly halted and closed Thursday up 15.50 percent.
Cannabis Tracking With Blockchain
Applied DNA Sciences, Inc. (NASDAQ:APDN) was awarded a two-year, $1-million contract by TheraCann International Benchmark Corp. to develop molecular tracking systems for legal cannabis worldwide. Under the terms of the contract, both companies enter a development and marketing agreement where Applied DNA will develop the technologies necessary to tag and authenticate legal cannabis throughout the supply chain and seamlessly integrate tagging and authentication data into TheraCann’s ERP and blockchain platform.
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