HOOD's Epic Haul: Bitsamp

Robinhood takes Bistamp, grumpy boomers and crypto, Chainlink does it agian, and Coinbase's new wallet

OVERVIEW

HOOD’s Esteemed Booty: Bitstamp

If this consolidation is going to be at least as long as what we experienced from April 13 - May 19, we’ve got another eighteen days of this chop ahead of us. 😐️ 

In today’s Litepaper, Robinhood acquires Bitstamp, Jim Cramer and Gary Gensler rant about crypto and Chainlink’s crown as the top blockchain for tokenizing real-world assets (RWA).

Also on deck: Coinbase’s new smart wallet that promises to make crypto wallets much easier. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

NEWS
HOOD’s Heroic Heist 🏹 

Verily, Robinhood ($HOOD) hath loosed an arrow true: they art acquiring Bitstamp, the most anciently operating crypto exchange. This $200 million pact (awaiting regulatory assent) shall be consummated in the first half of 2025. Prepare thyself for grand expansion. 🚀

‘Tis A Most Grand Deal My Goodman

  • Hark! Command of All The Realm: Bitstamp brings its A-game with a global crypto exchange, pulling in customers from the EU, UK, US, and Asia.

  • Forsooth, they commandeth potent institutional force: Bitstamp’s trusted for solid trade execution, deep order books, and top-tier API connectivity.

  • Every Trifle of Amusement: With over 85 tradable assets, plus institutional lending and staking, Bitstamp’s suite of products will beef up Robinhood's crypto offerings.

What Boon Profiteth Thee?

  • Verily, a Pleasant Sailing Shall be had: Bitstamp’s platform means better trading capabilities for Robinhood users, including staking and lending. Say goodbye to missing out on those passive gains.

  • Lo, the Potent Guardian of Ordinances: Someone in HOOD’s compliance office is probably having the time of their life. Bitstamp’s got over 50 active licenses and registrations worldwide.

Behold, 'tis an epoch of expectancy. We shall attend to Robinhood’s proclamations and refresh this document as the transaction progresseth. 🌐

NEWS
Two Grumpy Boomers Yell At Crypto 👴🦳 

CNBC’s Jim Cramer sat down with SEC Chair Gary Gensler to discuss the latest in crypto ETF approvals. 🎭

Cramer rattled off a list of tokens like a kid naming his favorite Pokémon, claiming they had all traded “millions of dollars” earlier that morning.

“Now in two weeks, should we have a SushiSwap ($SUSHI) ETF?” he asked with a straight face. “I would think that BONK ($BONK) is a natural, and Osmosis ($OSMO). These are millions of dollars these things are trading – shouldn’t we have some sort of product?”

Gensler, looked like he was questioning his life choices. He reminded everyone that many of these tokens “have not given you the disclosures you need to make investment decisions,” implying they’re, wait for it:

😨 unregistered securities 😱 

Gensler went on to single out crypto exchanges as the biggest problem, likening them to illegal operations compared to the NYSE. 🙄

“Exchanges, like here – this floor of the New York Stock Exchange – get properly regulated to protect against fraud and manipulation, and they don’t trade against you. And these crypto exchanges Jim, are doing things we would never allow this New York Stock Exchange to do,” he said, throwing shade like a pro.

Mad Money Host Predicts Bitcoin’s Doom (Again) 💀

Just when you thought the fun was over, Cramer warned of a “nasty beginning to Bitcoin selloff.” He begrudgingly acknowledged that Bitcoin has been around for 15 years and is “fairly well-established” but advised caution. 🎭

CHAINLINK
Chainlink Rises: The Most Developed Real-World Crypto Asset ⛓️ 

Chainlink ($LINK) has done it again. For the second month running, Chainlink is the top real-world asset in terms of development activity. 🏆

According to Santiment, Chainlink left rivals like Synthetix ($SNX), Centrifuge ($CFG), and Oraichain ($ORAI) in the dust with its developer contributions over the past 30 days.

The Real-World Asset Showdown

Real-world assets (RWAs) are the cool kids in crypto right now, representing physical assets like properties and objects but on the blockchain. These assets, running on smart contracts, have been gaining serious traction, and their market capitalization is now in the billions.

And really, this shouldn’t be a huge surprise to anyone watching the RWA tokenization space. In the May 17 Litepaper, we wrote about Chainlink successfully completing a pilot and test with DTCC and some yuge names.

What kind of big names? Oh, names like American Century Investments, BNY Mellon ($BK), Edward Jones, Franklin Templeton, Invesco, JPMorgan ($JPM), MFS Investment Management, Mid Atlantic Trust, and State Street ($STT).

LINK’s Rally and Future Prospects

Chainlink's nerdy obsession with development isn't just for show; it’s reflected in its market performance. LINK has rallied 25% over the past month. Analysts are betting on further growth thanks to increased whale activity, rising daily transaction volumes, and big-name partnerships with traditional finance firms. With these sustained development efforts, LINK is set to keep climbing. 🚀

STOCKTWITS CONTENT
A Brand New “Trends With Friends” 🍿

Stocktwits co-founder Howard Lindzon chops it up with pals JC Parets and Phil Pearlman every Thursday on "Trends With Friends."

Watch the latest on YouTube, Spotify, or Apple, and subscribe to catch each episode when it goes live!

NEWS
Coinbase’s Smart Wallet 💰️ 

Coinbase ($COIN) just dropped its next-gen smart wallet, and it’s about time someone made crypto wallets a lot less painful. These wallets are designed to simplify onboarding, eliminate network fees, and ditch those annoying recovery phrases. 🍕

Smart Wallets: What’s the Big Deal?

  • Effortless Onboarding: Create a wallet in seconds without leaving your favorite app. Use Face ID, your Google Chrome profile, fingerprint, or Yubikey. No recovery phrases, no hassle.

  • Gasless Transactions: Developers can sponsor your transactions, meaning no more shelling out for gas fees. It’s about time.

  • Cross-App Portability: Take your wallet, identity, and balances with you across thousands of onchain apps. Because who wants to start from scratch every time?

  • Easy Payments: Pay with your self-custodial wallet balance or Coinbase account balances. Say goodbye to “insufficient balance” errors and hello to seamless transactions.

Companion Web App

Coinbase also offers a slick web app for smart wallet users, featuring:

  • Asset and Identity Management: Keep track of your assets and identity without breaking a sweat.

  • Comprehensive Wallet Functions: Buy, send, swap, manage NFTs, and view transaction history—all in one place.

If everything Coinbase is claiming is true, then one of the biggest roadblocks to crypto adoption and use by the mainstream may have just been eliminated. 🍹

NEWS
Crypto News In Three Sentences 📰

🐕 Shiba Inu Investors Beware: Lead Dev Sounds Critical Warning 

Shiba Inu's ($SHIB) lead developer warned about a scam involving a fake TREAT token falsely associated with SHIB. These scammers have even listed these fraudulent tokens on popular platforms like CoinMarketCap and CoinGecko. The real TREAT token hasn't been launched yet, so any tokens claiming to be TREAT are scams. Bitcoinist has more.

🔧 IOTA Kickstarts EVM Targeting DeFi and Real-World Assets 

$MIOTA has launched its layer 2 Ethereum Virtual Machine (EVM) network, focusing on bringing real-world assets on-chain. This new network will tokenize physical assets and protect against transaction ordering and MEV. This launch represents a significant step for IOTA's ecosystem and the first time in what seems like years I’ve actually written something about them. From CoinDesk.

💰 Former US President Donald Trump Now Holds Over $32 Million in Crypto 

Donald Trump, once a crypto critic, now holds over $32 million in digital assets, thanks to advice from Vivek Ramaswamy. His crypto portfolio includes significant holdings in $MAGA Coin and Trog, a meme coin, which collectively account for $27 million. Trump was an ardent opponent of cryptocurrency but has since become a staunch advocate. More at Beincrypto.

📉 US Employment Data Reinforces Rate Cuts, Boosting Crypto: Nansen Analyst 

The US ADP National Employment Report showed a smaller-than-expected increase of 152,000 in May, suggesting a cooling labor market. Nansen's Aurelie Barthere believes this data supports the likelihood of Fed rate cuts, which could benefit the crypto market. A bright June is expected for crypto, with potential boosts from $ETH ETF approvals and favorable European Parliament elections. More from CryptoBriefing.

⚖️ Spanish Court Grants Bail to ‘Bitcoin Jesus’ Roger Ver Amid Extradition Requests 

Roger Ver, indicted by the US DOJ for tax evasion, has been released on bail by a Spanish court amid US extradition requests. Ver, known as "Bitcoin Jesus," allegedly failed to report substantial $BTC and Bitcoin Cash ($BCH) earnings and pay taxes. The US is actively seeking his extradition to face charges. More from CoinMarketCap.

🇳🇬 House Republicans Push for Binance Executive’s Release from Nigeria Sixteen House Republicans are urging the Biden administration to negotiate the release of Binance ($BNB) executive Tigran Gambaryan, detained in Nigeria. Gambaryan, held on charges of tax evasion and money laundering, is believed by lawmakers to be a victim of coercion tactics against Binance. They warn that his health is in danger, calling for immediate action. Cryptopolitan has more.

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