Crypto Daily｜SoFi Relaunches Crypto Investing; Robinhood Announces Layer 2 Blockchain On Arbitrum

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SoFi Technologies Relaunches Crypto Investing, Expands Blockchain Innovations

SoFi Technologies Inc. (NASDAQ:SOFI) is one of the best AI stocks to buy according to hedge funds. On June 26, SoFi Technologies announced that the company expanded its digital financial services, particularly through new crypto-powered capabilities and blockchain innovations. This positions SoFi as a modernized financial services provider.

SoFi is relaunching crypto investing, which will allow members to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum later this year. The company also intends to offer stablecoins and services like crypto-collateralized lending and staking features over time.

Robinhood Announces Layer 2 Blockchain On Arbitrum, HOOD Stock Jumps 10%

Rumours of a Robinhood partnership with Arbitrum are confirmed, with the US-based financial services firm leaning on the blockchain to announce its own layer 2 (L2) solution. The buzz from the announcement has sent HOOD stock rallying by over 10% in the last day, while the Arbitrum price has gained double-digit percentages.

Robinhood has disclosed that it is building a layer 2 blockchain on Arbitrum, optimized for tokenized real-world assets. According to an official announcement, Robinhood will deploy the incoming Arbitrum-based L2 blockchain for tokenized stock issuances.

Circle Moves To Secure US Trust Bank License

Circle has formally applied for a banking license after its successful IPO, seeking to provide custodial services for itself and institutional clients. The US trust bank license application precedes an incoming robust stablecoin regulation as ecosystem activity heats up.

According to a Reuters report, stablecoin issuer Circle is seeking the creation of a new entity to operate as a national trust bank. Per the report, the company has applied for a US trust bank license that will allow it to provide a raft of custodial services.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Friday was $102.14 million. The total net asset value of Bitcoin spot ETFs is $134.11 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.27%.

The Bitcoin spot ETF with the highest net inflow on June 30 was iShares Bitcoin Trust ETF, with a net inflow of $112.32 million.