Daily Crypto Update

7/27/2021

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Robinhood goes public

Coinbase became the first pure crypto company to go public but there is more. Robinhood will go public today via IPO, meaning anyone can invest in its stock. The move is the next important step to cement the crypto industry because Robinhood allows users to buy stocks and crypto. The shares will trade under the ticker symbol Hood and the listing price will be between $38-$42. The most interesting part of the story is that the company will allow its customers to put in a buy request via the "Access IPO" feature on its app. This is a big deal because usually only bankers and big investment firms can buy shares of a company before it goes public. It means that retail investors will get an opportunity to get exposure before the price per share pops.

Binance launches tax reporting tool

Binance is launching a Tax Reporting Tool that will enable its users to “keep track of their crypto activities and streamline reporting requirements”. The new tool allows users to transfer their transaction history to a third party. In addition, the clients could also obtain overviews of their tax liabilities.

New Jersey gives another month to BlockFi before the new account ban

Recently the company has been under regulatory pressure. Among the states that sound the alarm about the saving, accounts are New Jersey, Alabama, Texas, and Vermont. In a blog post, the CEO of BlockFi announced some good news. The Bureau of Securities has extended a deadline to stop offering its BlockFi Interest Account in the state to September 2.