Shares of Robinhood, a struggling stock trading platform, surged 14 percent on Monday after reports that crypto millionaire Sam Bankman-Fried's firm FTX is considering a possible acquisition of the company.
Amongst behemoths like Coinbase and Binance, FTX has also grown to be one of the most popular and largest ($10 billion average daily trading volume) cryptocurrency exchanges in the world. The UK market woke up to the news that FTX is "deliberating internally" on how to acquire Robinhood, Bloomberg reports.

It was around 3 p.m. ET when the news of FTX's possible interest in Robinhood came to light. About ten minutes later, trading had resumed. In a statement, Robinhood refused to respond to questions. A message left for FTX seeking comment was not immediately returned.
A takeover of Robinhood has not yet been formally approached by FTX, according to the sources, and the company has yet to make a final decision. In an email to Bloomberg, Sam Bankman-Fried (SBF) stated, "We are enthused about Robinhood's business possibilities and the possible ways we could collaborate with them. However, there are [no active M&A discussions taking place with Robinhood](https://www.reuters.com/markets/deals/bankman-frieds-ftx-seeking-path-buy-robinhood-bloomberg-news-2022-06-27/)”. 

Company documents show that Robinhood co-founders Vlad Tenev and Baiju Bhatt hold more than half of the company's voting power. Emergent Fidelity Technologies, a firm owned by SBF, purchased a 7.6 percent investment in Robinhood (HOOD) valued at $648 million in an SEC filing weeks earlier. The third-largest shareholder Emergent, a SBF founded company, was founded with the purpose of this purchase. Because it was "an attractive investment," the company stated in the petition. Subsequently, after the news was clarified the share price of HOOD started correcting towards market close yesterday. We will see if the sell off remains at the US market open.

This year, [Robinhood introduced a crypto wallet feature](/news/article/robinhood-crypto-wallet). It's been a rough year for investors in Robinhood, which has seen its stock fall by more than half since January, as the market struggles to recover from the fallout from the COVID-19 outbreak that made the business famous among retail "meme stock" traders.

According to Robinhood's first-quarter financial results released in April, the company lost $392 million. Annual revenue fell 43% to $299 million in the third quarter, and the business admitted that its monthly active user base had shrunk. The rapid expansion of the company's employees had resulted in job overlap and the company had to lay off 9% of its workers in that month.

## Can you use Robinhood and FTX in the UK?

Robinhood is registered with the SEC and only available for US citizens. There are no current plans reported by Robinhood to expand into the UK. "We are looking into the UK and thinking about expanding into the U.K. and we are just starting discussions with the FCA," Patrick Gruhn, head of FTX Europe told [CoinDesk](https://www.coindesk.com/business/2022/03/29/ftx-europe-in-talks-with-the-fca-to-expand-into-the-uk/) in an interview at the end of March.





FTX founder says no talks to buy Robinhood

Burger King has announced a partnership with [Robinhood](https://robinhood.com/us/en/) to offer millions of prizes in crypto through the BK rewards program. The rewards program was initially launched in September.

The Miami-based burger chain announced on Wednesday that it has teamed up with California brokerage Robinhood Markets to give away $100,000 in the hottest new financial product around: Bitcoin.

## The BK Crypto Program

Through its BK Crypto program, which is available for a limited engagement at only eight stores in the greater Palm Beach, Florida area (so don't get too excited Miami-Dade county residents), customers can buy the chain's signature Whopper sandwich with Bitcoin, Ethereum, Litecoin or Bitcoin Cash.

Customers can enter to win 20 BTC, 200 ETH or Sm DOGE when they spend over $5 in store or on the app. Users must have a Robinhood account in order to receive the prizes.

## The Whoppercoin

This is a relatively novel tactic for a major corporation to combine their rewards program with cryptocurrency. However, it isn't the first time that Burger King has offered crypto incentives to customers at its restaurants.

In 2014, Burger King Russia gave away Bitcoin-themed Whoppercoin tokens with their purchase of a Whopper. Each token was worth 10 rubles which formed part of the first wave of Russian ICOs. The promotion ran again for two weeks between July 25th and August 8th, 2017.

Burger King and Robinhood Partner for Crypto Rewards

Financial app, Robinhood, has announced that the company is planning to launch a new cryptocurrency wallet in 2022. Robinhood is a popular app that allows users to buy and sell stocks with zero fees.

In early 2019, the company announced its plans to create an integrated cryptocurrency wallet for buying, selling and storing cryptocurrencies in addition to trading traditional assets on their platform which comes as standard for any financial services firm.

## Plans For Roll Outs

The company has said that they will be rolling out the new wallet to users on the waiting list early next year to an initial group of customers. This will enable the company to identify any changes that will need to be made to the wallet in order to ensure it’s fully secure and ready for full roll out.

Robinhood has also said that the company will be rolling out crypto trading categories, allowing users to view all their crypto assets together rather than having them segregated which is currently how they are displayed on the platform.

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