Robinhood and Jump Trading have ended a multi-year crypto partnership, CoinDesk reports citing an anonymous source.
CoinDesk also said online data suggests the partnership may have ended in July. At the same time, Jump withdrew from the U.S. crypto market amid regulatory uncertainty.
Earlier this year, the Securities and Exchange Commission subpoenaed Robinhood over its crypto services. The company posted a drop in crypto-related revenue in its most recent quarterly report, although revenue from crypto trading has never been substantial for a company known for empowering cryptocurrency exchanges. Smaller retail investors who want to buy and sell stocks using a smartphone app.
Jump Trading operates one of the largest high-frequency trading operations in the world, and in addition to partnering with Robinhood, has its own digital currency division called Jump Crypto .
The crypto arm of the company was at least caught up in both the fallout of the FTX and Terra Algorithmic Stablecoin crashes.
Source: The Block
