Nas and Snoop Dogg have backed trading application Robinhood, also now legendary rap star Jay-Z has added his imprimatur with a subsidiary, Arrive. Robinhood is already valued at spanning a billion dollars, closing in on 1.5 billion right now, having recently announced Robinhood Crypto.
Shawn Carter, 48, higher quality as Jay-Z, owns an entertainment-centric management company, Roc Nation: talent agency, concert promotion, music production, record label, film production, and in many cases music publishing are among its calling. The 21 Grammy-winning, 100 million records sold mogul can easily add crypto to that list.
In Spring of last season, Mr. Carter announced a subsidiary, Arrive Business capital, under his?Roc Nation?banner (itself owned by Live Nation Entertainment, which generally is owned by Liberty Media) to focus on startups. Mr. Carter’s penchant for using hungry companies extends back at least where 2012, when he reportedly went tech: luggage maker Away, private jet outfit Jetsmarter, or even a series B round with Uber.
The director of Arrive, Neil Sirni, explained: “Arrive is built to leverage our experience and resources in building brands, developing consumer-facing businesses, managing artists and representing athletes. We’ve opened that diversified, global number of expertise completely to another vertical: entrepreneurs as well as early stage businesses.”
Robinhood late recently?announced?it absolutely was expanding its services to feature free trades in bitcoin and ether, and also it set off a firestorm of publicity. The big ten started company doesn’t intend to become a cryptocurrency exchange proper, analysts believe this type of format could at some point seriously challenge more well-established platforms. In a week,?over one million?people going to the service.
Mr. Sirni continued, “We have confidence on Baiju and Vlad’s pursuit to make the financial markets more accessible and price efficient for purchasers of all size. Robinhood will likely have our support as they quite simply execute the long-term vision of these company.”
Robinhood already has over three million users. Its total value is inching near 1 1 / 2 billion dollars. Its model can be described as loss leader, with stock trades being essentially free. Additionally, it launched a web-based service, and also its particular Robinhood Crypto, though limited in scope initially, is considered a roaring success.
Arrive has used the location sharing project Insite Applications, and Devialet, an audio technology company. Robinhood is Arrive’s third venture, and comes soon after the startup’s bitcoin and either announcement.
Though rappers along the lines of 50 Cent have?notoriously?bought bitcoin as well, Jay-Z was the initial. His Soldier Field stadium concert partnered with local newspaper?Chicago Sun Times?selling tickets in bitcoin through a third party vendor.