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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Robinhood shares tank 10% after crypto revenue falls by three quarters

Robinhood posted $51 million worth of transaction-based revenue from crypto in Q3, marking a 78% decrease compared to the previous quarter.

Robinhood shares (HOOD) have fallen sharply on the back of the firm’s Q3 results which posted lower than expected crypto trading revenue.

The popular retail trading firm published its Q3 report on Oct. 26, with crypto accounting for $51 million (19%) of the total $267 million worth of transaction-based revenue in the quarter.

The release of the report on Tuesday coincided with HOOD dropping around 10% to $35.70, however the price has since gained 1.9% to sit at $36.40 at the time of this writing.

The $51 million generated from crypto transactions in Q3 marked a 78% decrease compared to the firm’s record $233 million from Q2. Robinhood’s crypto revenue last quarter was bolstered by the Dogecoin (DOGE) community, with the memecoin representing a whopping 62% of crypto revenue.

The firm posted total net revenues of $365 million for the quarter, which fell well below Wall Street analysts predictions of $437.1 million according to FactSet.

Robinhood stated in its Q3 report that its business had been impacted by several factors including seasonality, market volatility, retail trading behavior and unanticipated market events. The firm said that the same issues may persist in Q4.

“In the absence of any changes to the market environment or exogenous events, we believe this may result in quarterly revenues no greater than $325 million and full-year revenue of less than $1.8 billion,” the report read.

While crypto activity declined, Vlad Tenev, the CEO of Robinhood outlined his optimism for the firm’s long term prospects in digital assets, as he emphasized the new products and services built for retail traders in Q3, such as a digital wallet that will finally enable users to withdraw and deposit crypto to and from the platform:

"More than one million people have joined our crypto wallets waitlist to date. With 24/7 live phone support, we believe that Robinhood is becoming the most trusted and intuitive platform for retail and crypto investors.”

“And looking ahead, we're committed to delivering tax-advantaged retirement accounts to help everyone invest for the long term,” he added.

Related: Robinhood crypto wallet waitlist hits 1 million people

In broader terms than crypto in Robinhood’s Q3 report, the firm's total net revenues of $365 million marked a 35% decrease from the previous quarter. While the firm posted a net loss of $1.32 billion, or $2.06 per diluted share compared to a $502 million loss, or $2.16 per share, in Q2.

Monthly active users also dropped from 21.3 million in Q2 to 18.9 million last quarter. However, Robinhood’s user base could be set to increase in Q4, with speculation swirling around the Shiba Inu (SHIB) community that the dog themed token may be listed on the platform soon.

There is no evidence confirming this however. Robinhood did send out a survey on Oct. 23 to its customers regarding the crypto assets they purchased over the past three months, with SHIB making the list.

According to data from CoinGecko, the price of SHIB has gained around 69% over the past seven days to sit at $0.00004759 at the time of writing, while the asset is up a mammoth 568% over the last 30 days.

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