Bitcoin News Today: Robinhood Q2 Crypto Volume Surges 32% to $28 Billion

Robinhood Markets reported a significant 32% year-over-year increase in its crypto trading volume during the second quarter, reaching $28 billion [1]. This growth underscores the platform’s expanding role in the crypto ecosystem and highlights its strategic focus on digital assets. The company has been actively executing its crypto business plan by acquiring Bitstamp, a well-known crypto exchange, and advancing tokenization initiatives. Among these developments are new offerings in tokenized equities and crypto futures, aiming to diversify its services and attract a broader user base. Notably, Robinhood’s transaction-based crypto revenue nearly doubled in the quarter, indicating robust performance and potential for future expansion in the crypto space [1].

Simultaneously, the broader crypto landscape saw several significant developments. Polygon, a leading blockchain infrastructure provider, experienced an hour-long outage following a validator’s unexpected exit from the network [2]. This disruption affected the Heimdall system, which is vital for maintaining consensus and validator operations. However, the network’s block-producing Bor layer remained operational, ensuring that core functions continued without major interruptions. This incident highlights the vulnerabilities inherent in decentralized systems and the need for continuous improvements in scalability and finality times, especially following a recent major upgrade [2].

In another regulatory development, the Bank of Korea announced the creation of a new virtual asset division within its financial payment systems bureau [3]. This division will monitor the crypto market and guide discussions around stablecoin development, particularly those based on the national currency. The move reflects South Korea’s growing interest in stablecoins and its alignment with international trends, especially in light of the recent U.S. regulatory shifts and domestic support for digital assets. The initiative also aligns with private sector efforts to trademark stablecoin symbols, indicating a coordinated approach to integrating stablecoins into the financial system [3].

Meanwhile, Orca, a decentralized exchange, introduced Wavebreak, a new Solana token launchpad designed to prioritize human users over bots [4]. The platform employs CAPTCHA and an onchain permission structure to mitigate bot-driven token sniping in the DeFi sector. Wavebreak also features daily user rewards based on trading volume, aiming to differentiate itself in the competitive Solana DEX and memecoin launchpad market. This innovation reflects the growing emphasis on user experience and fairness in decentralized finance [4].

In the corporate investment space, The Smarter Web Company announced the purchase of 225 additional Bitcoin at an average price of £87,096 per unit, increasing its total Bitcoin holdings to 1,825 [5]. The company has achieved a year-to-date Bitcoin yield of 43,787%, a remarkable performance attributed to its Bitcoin treasury strategy as part of its 10-Year Plan. This move is positioned to integrate Bitcoin into the company’s long-term financial strategy and strengthen its presence in the evolving financial ecosystem [5].

On the regulatory front, Nigeria expressed its readiness to support stablecoin businesses under its evolving digital asset regulations [6]. The Securities and Exchange Commission (SEC) has started onboarding stablecoin-focused firms through its regulatory sandbox, aiming to create a supportive environment for innovation while ensuring market protection. The initiative, announced at the Nigeria Stablecoin Summit, seeks to position the country as a regional hub for stablecoin development [6].

Elsewhere, xTAO, a company focused on decentralized AI and the Bittensor ecosystem, announced its upcoming listing on the TSX Venture Exchange under the ticker XTAO.U [7]. The firm successfully raised $22.8 million from prominent digital asset venture capitals, including Digital Currency Group and Animoca Brands. This funding will support initiatives to enhance Bittensor’s ecosystem and validator operations, reflecting growing institutional interest in decentralized AI technologies [7].

The U.S. House of Representatives faced a setback in advancing key crypto legislation, including the GENIUS Act and Clarity Act, after procedural votes failed [8]. The legislation was initially scheduled for a vote but was postponed following a 196–223 defeat in a procedural vote. This delay highlights the challenges in passing comprehensive crypto regulations in the U.S. and underscores the need for continued efforts to address the sector’s unique regulatory requirements [8].

In a related regulatory development, the U.S. Treasury Department and IRS repealed a controversial rule requiring crypto protocols to report customer transaction data for tax purposes [9]. This move followed sustained criticism from crypto advocates, who argued that the rule was unenforceable and threatened the growth of the DeFi sector. The repeal is seen as a win for privacy and feasibility concerns in the crypto industry and marks a shift in regulatory focus [9].

The Ethereum Foundation also announced an expansion of its Ecosystem Development (EcoDev) initiatives to accelerate growth across the Ethereum ecosystem [10]. The expanded EcoDev structure focuses on areas such as enterprise relations, developer growth, and app relations, along with strategic funding and operational support. This initiative reflects the Ethereum Foundation’s commitment to fostering innovation and supporting diverse stakeholders within the ecosystem [10].

Source:

[1] NewsBriefs - Robinhood reports 32% increase in Q2 crypto trading volume

[2] Polygon experiences hour-long outage following validator exit

[3] Bank of Korea establishes new crypto division to focus on stablecoins

[4] Orca introduces Wavebreak, a new launchpad for Solana tokens

[5] UK’s The Smarter Web Company purchases 225 Bitcoin, yield surpasses 43%

[6] Nigeria establishes regulatory sandbox to boost stablecoin firms

[7] xTAO to list on TSXV and raises $22.8 million for Bittensor-focused initiatives

[8] House postpones votes on key crypto legislation after procedural setback

[9] Treasury Department and IRS repeal controversial crypto broker rule

[10] Ethereum Foundation expands EcoDev to accelerate ecosystem growth