Cointime

Download App
iOS & Android

What Is Robinhood’s Latest Venture “Sherwood” All About?

On January 17, Robinhood Markets Inc., the U.S.-based retail trading platform, announced its newly formed media-focused subsidiary called Sherwood Media, LLC. The name is taken from the folklore surrounding Robin Hood, who being an outcast, used to live in the forest of “Sherwood”. The new media organization would serve as a source for news and information pertaining to financial markets, economics, business and technology; as well as the culture of money.

Robinhood’s Foray Into Media

The company will be an extension of Robinhood’s brand and a means of attracting new customers, building on the success of Robinhood’s daily markets and business newsletter, Snacks. Headed by Joshua Topolsky, the founder and former Editor-in-chief of The Verge, the publication will soon become the new home of Snacks as well as other new products that will cover finance & money holistically; along with associated subjects including cryptocurrency, technology, and geopolitics. Topolsky was previously involved in the establishment of the parent business Vox Media and served as the Chief Digital Content Officer at Bloomberg before leaving for Sherwood.

While speaking on the new development, Topolsky was quoted as saying:

The next generation looks at money and the markets through an entirely new lens, they live at a different speed — and they want something more substantive in their diet.

Joining in as the editor-in-chief and president of Sherwood Media, Topolsky further stated that he’s ecstatic to be a member of a team that has the unique opportunity, position, and perspective to construct a “news organization for the next wave”. And, while Robinhood will provide funding to assist the establishment of the outlet, the new president at Sherwood intends to develop business opportunities for the editorial items he is developing.

How Does Robinhood Benefit?

Beginning this year, Topolsky intends to fill dozens of open positions at the new company, including those for reporters, editors and content makers for social media. He plans to introduce new email items across various business and finance verticals in addition to Snacks. According to him, creating specialized newsletters on well-known corporations like Tesla and Disney would be one of his key focuses.

In 2019, Robinhood took its first step into the media when it acquired MarketSnacks, a startup that produced podcasts and newsletters and was home to Robinhood’s current Snacks newsletter. Before Sherwood was established, Snacks did not report news about Robinhood to prevent any real or perceived conflict of interest. However, this time according to Topolsky,  Sherwood would cover the trading platform “where and when it makes sense” along with mandatory disclosures. With media being utilized as a potent customer acquisition and branding strategy, Robinhood looks forward to harnessing the power of Sherwood in capturing larger market presence.

As things stand, the share price of Robinhood (HOOD) is currently trading at around $9.41, which represents a 1% uptick in the day, in contrast to its 11% gain in the past five days.

Comments

All Comments

Recommended for you

  • Farcaster's social client Kiosk completes $10 million financing, led by Electric Capital

    Farcaster's integrated social client Kiosk has announced the completion of a $10 million financing round on the X platform, led by Electric Capital, with participation from a16z Crypto, USV, and Variant Fund. Kiosk aims to promote community building and commerce within applications, enabling creators to establish communities, share rich media content, mint NFTs, interact with like-minded individuals, and seamlessly customize channel economics, while emphasizing the integration of on-chain assets into social interactions and envisioning a more inclusive and interconnected Web3 experience.

  • A whale sold 224 WBTC worth $14.4 million in the past three hours

    According to on-chain analyst @ai_9684xtpa, address 0x486...1505e sold 224 WBTC tokens worth $14.4 million through Cowswap in the past three hours, making a profit of $830,000 (selling at an average price of $64,203). The seller had bought 371 WBTC tokens at an average price of $60,504 between November 2023 and April 2024, and still holds 280 WBTC tokens.

  • CryptoQuant CEO: BTC needs to remain above $80,000 for miners to remain profitable after halving

    Bitcoin mining revenue significantly decreased in May due to the impact of the fourth Bitcoin halving event. On May 1st, the total revenue from block rewards and transaction fees reached a new low of only $26.3 million.CryptoQuant CEO Ki Young Ju calculated that, based on current conditions, Bitcoin needs to stay above $80,000 for miners to remain profitable after the halving. However, most miners have taken proactive measures to upgrade their mining equipment to lower long-term operating costs and remain competitive.

  • BTC returns to above 65,000 USDT, up 2.08% in 24 hours

    OKX market shows that BTC has returned to above 65000 USDT, now reporting 65102 USDT, with a 24-hour increase of 2.08%.

  • Hundre Finance attackers have withdrawn 162.2 ETH worth of crypto assets from Curve

    According to PeckShield monitoring, the attacker of Hundre Finance withdrew 784,000 3Crv from Curve and exchanged it for 273 ETH. In addition, they also exchanged 305.6 WOO, 39 PAXG, 200,000 FRAX, and 100,000 DAI, totaling 162.2 ETH. The attacker then bridged 1,034 ETH (2.17 million USD), 842.8K DAI, 1.11 million USDT, 1.27 million USDC, and 457.3 FRAX from Optimism to Ethereum. They also exchanged a total of 480,000 USDC for 142.6 WETH, 306 WOO, and 39 PAXG. They also exchanged 1.11 million USDT for 500.3 thousand USD worth of DAI and 613.8 thousand USD worth of FRAX. Additionally, on April 15, 2023, approximately 786,000 USD worth of USDC was added to Curve3Pool.

  • LayerZero co-founder: "Self-reporting of witch activities" is not aimed at individuals, but at industrial witch studios

    Bryan Pellegrino, co-founder and CEO of LayerZero, stated on social media that the "Self-Report Sybil Activity" is not targeting individual users, but rather large industrial witch farms (studios).Earlier, LayerZero Labs launched the "Self-Report Sybil Activity" plan, which allows witch addresses to self-report related addresses on a designated page and receive an expected allocation of 15%, without answering any questions. The deadline is May 17th, 19:59:59.

  • Argentina’s House of Representatives Passes Bill to Regularize Cryptocurrency Taxation

    The Argentine Chamber of Deputies has passed a cryptocurrency tax normalization bill aimed at advancing a series of important government reforms. The bill introduces the possibility of regularizing previously undeclared cryptocurrency assets, up to a maximum of $100,000, without paying government collection fees. However, if the value of cryptocurrency assets exceeds this limit, the government will apply preferential tax rates based on the taxpayer's declaration date.

  • GNUS on Fantom was attacked, with a loss of about $1.27 million

    According to Beosin's monitoring, GNUS on Fantom was attacked, resulting in a loss of approximately $1.27 million. GNUS stated on the X platform that due to recent vulnerabilities, hackers were able to mint fake GNUS tokens on Fantom, transfer them to Ethereum and Polygon through the Axelar Bridge, and sell them to existing liquidity pools. We will take a snapshot of the blocks before the exploit. To ensure fairness, please do not purchase GNUS tokens after the exploit, as we will issue new tokens.

  • Pandu Financial Group received the first round of strategic equity investment of tens of millions of Hong Kong dollars, led by Longling Capital

    Pando Financial Group announced it has received tens of millions of Hong Kong dollars in strategic equity investment led by Longling Investment. Pando Financial Group stated that it plans to use the newly injected funds for key growth areas, including market expansion, innovative product development, key talent recruitment, and technology upgrades, aiming to accelerate the layout of opportunities in the era of virtual assets through these strategic initiatives. Currently, the group's asset management scale has reached $500 million. Pando Asset, a subsidiary of Pando Financial Group, established its headquarters in Zurich in 2022 and issued the Pando 6 spot virtual asset fund (Bitcoin/Ethereum spot ETPs) on the Swiss Exchange. Another subsidiary of Pando Financial Group, Pando Limited, obtained licenses from the Securities and Futures Commission in Hong Kong, including Type 1 (securities trading), Type 4 (advising on securities), and Type 9 (asset management), as well as public fund qualifications, and was approved to manage investment portfolios with more than 10% invested in virtual assets and issued several excellent performance actively managed ETF products.

  • Hong Kong Monetary Authority launches industry consultation on “renaming virtual banks as licensed digital banks”

    Hong Kong virtual banks released their annual reports for 2023 last week. The eight virtual banks collectively lost about 2.99 billion yuan last year, a decrease of about 12% compared to the total loss of about 3.4 billion yuan in 2022. In response to the occasional feeling of "unreality" brought about by the term "virtual" in recent years, the Hong Kong Monetary Authority has initiated a consultation on renaming with the eight virtual banks, the Hong Kong Bankers Association, the Hong Kong Restricted Licensed Banks and Deposit-taking Companies Association, with the aim of renaming virtual banks as licensed digital banks, for a period of one month. It is reported that in the Asian region, similar banks have different names in different places. South Korea and Singapore issue licenses under the name of "digital bank", with Singapore further dividing them into digital full banks (DFB) and digital wholesale banks (DWB).