Robinhood Launches 'Digestible' Financial Newsletter After Its First Ever Acquisition

Francisco Memoria

No-fee stock and cryptocurrency trading app Robinhood has recently announced the acquisition of a media company called MarketSnacks. The move is accompanied by the launch of a ‘digestible’ financial newsletter taken from the firm.

The newsletter has been rebranded to “Robinhood Snacks,” and will focus on giving the company’s millennial audience financial news in a humorous way, making it easier to digest. This was notably the $5 billion firm’s first-ever acquisition, and analysts believe it’ll help it remain a one-stop shop for young investors.

The company’s VP of product, Josh Elman, wrote in a blog post:

We improved ​market news​ coverage on our platform, added discovery tools on mobile, and revamped our Help Center to better answer your questions. Robinhood Snacks is a major step towards building out these resources and helping you get more informed on market news.

MarketSnacks was a company launched by Nick Martell and Jack Kramer, who will now join Robinhood as the managing editors of news, to keep on producing the newsletter, which usually features a photo and humorous analysis of three to four headlines.

Robinhood hasn’t revealed the terms of the deal, nor the newsletters’ growth metrics. Per Fortune, MarketSnacks has “tens of thousands of subscribers” two years ago. The company was founded in 2012, and saw its founders create the newsletter after the markets closed, as they still had full-time jobs on Wall Street.

According to the publication Martell noted that although the newsletter is going to be integrated into Robinhood’s offering, it will keep on being independent from the rest of the company. He stated:

A core element here is that ‘Robinhood Snacks’ will have editorial independence from the rest of Robinhood. We are committed to a set of editorial principles, just like any committed news organization.

The rebranded newsletter, Robinhood Snacks, won’t need users to subscribe to any other Robinhood products. Along with it, the firm has scooped up the MarketSnacks podcast, in which the analysts go into a few top stories each day.

Robinhood, as CryptoGlobe covered, doesn’t just let users trade stocks without paying fees, but has added cryptocurrencies to its platform in the last few months. It has, however, been criticized for amount of money it has been making off of customers’ data. The company is reportedly looking to go public through an initial public offering (IPO

Cannabis Shops Turn to Crypto Apps Amidst Coronavirus Cash Shortages

Michael LaVere
  • Cannabis shops in Boulder, Colorado are using bitcoin payment app Strike to conduct "contactless" exchanges.
  • Cash shortages and lack of sanitation are causing businesses to find alternative means for transaction. 

Cannabis shops are using bitcoin payment services to conduct business in place of fiat amidst the coronavirus pandemic. 

According to a report by CoinDesk, cannabis dispensaries in Boulder, Colorado have been onboarded to the closed beta for Strike, a bitcoin payment service application founded by lighting network supporter Zap. 

Zap, founded by Jack Mallers, has been operating a closed beta for the payment application Strike which allows users the option of sending bitcoin or dollars and receiving funds in their bank account. The application uses a simple QR code interface, similar to Venmo, that allows users to send funds without having prior knowledge or expertise with bitcoin. 

Mallers said, 

Every Strike user is given a public domain at strike.me. We’re using Lightning for really fast online settlement of value transfers. … It’s also beneficial for privacy on the sender’s side.

Johnny Kurish, general manager at Boulder’s Helping Hands Herbals cannabis shop, said the application allowed his dispensary to process $1,000 worth of purchases since being added to the beta last week. 

Kurish said the dispensary will switch to only accepting Strike payments, which allow for contactless exchanges in light of the coronavirus pandemic. 

He said, 

We’re really lucky to have curbside drop-offs. We check the ID through the roll-up window, deliver the cannabis to a podium in front of the car. We’re happy to reopen with an option that’s safe for our staff.

Featured Image Credit: Photo via Pixabay.com