Jay-Z Goes Crypto
Shawn Carter, 48, popularly known as Jay-Z is the owner of an entertainment-centric management organization, Roc Nation: concert promotion, talent agency, record label, music production, film production and music publishing are the main activities of the organization.
Last year during spring, Mr. Carter made an announcement about a subsidiary, Arrive venture Capital which was under his Roc Nation banner made its focus to majorly focus on the startups. Additionally, Mr. Carters has been in the quest to make investments in the hungry organizations from 2012. This was the year he went tech: private jet outfit Jet smarter, series B round with Uber and also a luggage maker.
Neil Sirni’s explanation;
“Arrive was created to leverage our experience and resources in building brands, developing consumer-facing businesses, managing artists and representing athletes. We’ve opened that diversified, global range of expertise to a new vertical: entrepreneurs and their early stage businesses.”
Therefore, Robinhood made an announcement that it would expand the services it offers including indulging in free trades on Bitcoin and ether. However, though the company does not have the aims of becoming a Cryptocurrency exchange, the various analysts believe that it would challenge the well-established platforms significantly. In a week, over 1 million people have signed up for the free services.
Not His First Rodeo
Mr. Sirni Continued;
“We believe in Baiju and Vlad’s mission to make the financial markets more accessible and cost-efficient for customers of all size. Robinhood will have our support as they execute the long-term vision of their company.”
Robinhood has over 3 million users and the total value is around 1.5 billion dollars. Therefore, its model is based on a loss leader and the stock trades are free. Additionally, it also has a web-based service and also the Robinhood crypto has already been a success.
Arrive has made investments in a location sharing project inside applications. It has also invested in Devialet which is an audio technology corporation. Robinhood is Arrives third venture. Although rappers such as 50 cents have made investments in Bitcoin, Jay-Z was the first to invest. His soldier field stadium concert made partnerships with a local newspaper the Chicago Sun-Times to sell his tickets in Bitcoin. This was performed by a third-party vendor.