Robinhood does not want to hurry up with cryptocurrency adoption as the brokerage firm sees no "compelling reasons" to hodl crypto on its balance sheet. In an interview with the Wall Street Journal, Robinhood Chief Financial Officer, Jason Warnick, said the firm has no plans to put "any meaningful amount" of corporate cash into cryptocurrencies.
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"There are no compelling reasons strategically for our business to put any meaningful amount of our corporate cash into cryptocurrencies," Warnick said.
Robinhood wants to keep distance with the crypto market as the Menlo Park-based firm is keeping an eye out for comments from regulators on how to treat these type of assets:
"We are a highly regulated company in a highly regulated industry, and we think it is important that we get a bit more clarity from regulators," he added.
In November 2021, Twitter Chief Financial Officer, Ned Segal, said that the company will not rush with adding cryptocurrencies like bitcoin (EXANTE: Bitcoin) to the balance sheet. Segal explained that adding such a volatile asset would make the company to change its investment policy.
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