The Digest

• Robinhood (NASDAQ) experiences a massive drop in revenue in the third quarter, and shares plummet in response
• (SHIB), Jumps 27% amid Robinhood Rumors. 30% of Crypto Holders In the U.S. Own DOGE
• U.S. regulators explore how banks could deal with crypto
• Adobe (NASDAQ) and David Lynch Embrace Non-Found Technology, The Economist Buys NFT for $420k

Robinhood experiences a massive drop in revenue in the third quarter, and shares tank in response

Robinhood, a financial service provider, has seen a drop in quarterly revenues from cryptocurrency trading. In Q3 of 2021, Robinhood’s crypto-transaction-based revenue totaled $51 million.

Robinhood made $233 million in crypto trading revenue during the quarter before. In Q3, Robinhood’s crypto transaction-based revenue dropped by more than 78%. Users have shifted away from , which made up 62% of Robinhood’s Q2 crypto transaction volume.

Robinhood saw a decline in monthly active users. It dropped from 21.3million in Q2 and 18.9 million Q3. Robinhood shares fell by over 8 percent in less than 24 hours following the report. They dropped from $39.59 and $36.4

Robinhood has been hearing rumors that it might list Shiba inu. Analysts believe this could prove to be beneficial for both the parties. Robinhood has received over 333k petition signatures to allow them to list Shiba Inu.

Flipsider

• Vlad Tenev is the American CEO of Robinhood, despite the decline in revenue. The wait list to sign up for the crypto wallet is now at over one million

What You Need to Care About

Vlad Tenev revealed that Q3 is about the development of more products for customers including its forthcoming crypto wallets, in spite of losses.

Shiba Inu, (SHIB), Jumps 27% amid Robinhood Rumors. 30% of Crypto Holders In the U.S. Have DOGE

The DOGE-killer, Shiba Inu, is experiencing a resurgence following a price drop sparked by the revelation that Tesla (NASDAQ:) CEO Musk doesn’t own SHIB. On October 27, the token climbed more than 27% and reached a record $0.0000594.

A five-day chart showing the price of Shiba inu (SHIB) Source: Tradingview

Following rumors that Robinhood might soon list SHIB as a financial service provider, this rally began. Change.org has more than 33,000 signatures for a petition asking Robinhood not to list Shiba-Inu.

Dogecoin is the second meme coin to have received support from Elon Musk. This feat has been remarkable. A new survey shows that almost a third of U.S. cryptocurrency holders own Dogecoin.

Finder reports that US crypto owners own Dogecoin at 30.6%, an increase of 1.6x the global adoption rate of 19.2%.

Flipsider

• While supporting both cryptos, Musk has revealed he doesn’t own SHIB and isn’t working with the Dogecoin Foundation.

What You Need to Care About

Shiba Inu was founded as meme coins. Dogecoin has remained strong and is keeping pace with crypto industry trends.

U.S. regulators explore how banks could deal with crypto

Governments are now recognizing that cryptocurrency is here to stay and are creating regulations to govern the sector. Bank regulators in the United States are creating more detailed guidelines for those banks who deal with crypto currencies.

Jelena McWilliams (Chairperson of Federal Deposit Insurance Corporation, FDIC) has disclosed that there is a plan in place for banks who deal with crypto. She opined that the nation needs “to allow banks in this space, while appropriately managing and mitigating risk.”

Elle added that, if cryptocurrency activities are not carried inside banks they will be taken elsewhere. This makes it difficult for federal regulators and industry watchers to keep an eye on the market.

Flipsider

• Securities and Exchange Commission Stablecoin regulation is under increased control

What You Need to Care About

It has not been clear how U.S. banks will deal with cryptocurrency. This could help banks to better understand how cryptocurrencies could be held in the future.

Adobe and David Lynch Accept NFTs. Economist, David Lynch Sells NFT to $420k

With the growing global interest in NFTs, the creator of the world’s most popular digital creativity software, Adobe, has announced a “prepare as NFT” option. The feature, which will roll out in October’s Photoshop update, will allow users to verify the credential metadata of NFTs.

Global news agency the Economist, has delved further into the NFT space, selling the NFT version of September’s “Down the Rabbit Hole” for 99.9 ETH ($420,000). The edition told the story of “the beguiling promise of decentralized finance.”

American director David Lynch joined the ranks of celebs issuing NFTs. Lynch and Interpol collaborated in the issuing of seven NFTs, which are now being offered through SuperRare.

Flipsider

• This money was raised by The EconomistIt will donate the proceeds of its NFT to an educational charity.

What You Need to Care About

These non-fungible tokens have a growing popularity and acceptance. They are more valuable in digital art because they can be used to confirm authenticity and source.

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