08 May, 2024

Robinhood CEO Says Americans Should Be Able to Access Crypto as It Becomes ‘More Important'

Quick Take① Robinhood Co-Founder and CEO Vlad Tenev spoke in a CNBC interview about the company’s crypto performance and recent actions from the SEC. ② The firm’s crypto trading increased 224% in the first financial quarter. And yet, Tenev said Robinhood met with the SEC 16 times before talks fizzled out. ③ Tenev noted that as crypto assets becomes “more and more important,” Americans should have access to them. Americans should be able to access crypto as it becomes 'more important'Robinhood CEO Vlad Tenev said Wednesday that his firm is taking a stance for customers and that it was "not acceptable" for crypto not to be accessible to Americans. During the same interview, Tenev also noted that his firm met 16 times with the Securities and Exchange Commission before receiving a Wells Notice from the regulator. Speaking with CNBC, Tenev responded to questions about the firm's quarterly performance, which saw its crypto trading increase 224% in the first financial quarter of the year.He then said that Robinhood met with the SEC 16 times before talks fizzled out — and the firm learned it would face future enforcement from the SEC. “We tried to create what’s called a special purpose broker-dealer for the purpose of transacting in crypto assets. And we actually came in good faith to meet with the SEC. I think we met with them 16 times. And unfortunately, that was not reciprocated, and it was clear that there didn’t seem to be a path, and so here we are," Tenev said in the interview. The Block reported on May 6 that the SEC issued Robinhood a Wells Notice, an indication of forthcoming legal action, for alleged securities violations. “It’s hard to impute the reasoning behind that, but they told us they didn’t want to keep meeting about it, and they didn’t see a path toward it," Tenev continued. Tenev framed his firm's clash with the regulator in a larger context of how it regulates crypto and what it means for retail investors. “The SEC has the ability to change the rules to allow for brokers to accommodate crypto assets, and they don’t seem intent on doing that. And rather, they’re proceeding with regulation by enforcement. And that’s disappointing," the CEO added. "I didn’t want to have to get into this situation, but we have to defend ourselves and advocate for our customers. We do believe that crypto assets are becoming more and more important, and it would not be acceptable to us to not have Americans have access to them.”

03 May, 2024

China's Rising Stars in AI

In the competitive realm of artificial intelligence (AI), China is witnessing a surge of innovation, with four startups recently joining the coveted unicorn club by surpassing $1 billion in valuation. As the global race to rival industry giants like OpenAI intensifies, these emerging players are making significant strides in AI development.Zhipu AI: Pioneering AI Solutions with Massive WorkforceLeading the charge is Zhipu AI, with a valuation of $2.5 billion and a workforce of 800 employees. This powerhouse of talent is backed by industry heavyweights such as Alibaba Cloud, Tencent, and Xiaomi, signaling robust support from key players in the region. With a focus on AI product development, Zhipu AI is poised to make a substantial impact on various sectors.Moonshot AI: Revolutionizing Learning and ProductivityWith a valuation matching Zhipu AI at $2.5 billion, Moonshot AI is carving its niche in the education and productivity space. Its AI chatbot, Kimi, has garnered over 12 million visits in March alone, reflecting its growing popularity among students and office workers. Backed by influential investors like Alibaba and Meituan, Moonshot AI is poised for exponential growth in the AI market.MiniMax: Redefining Gaming Experience with AI AvatarsMiniMax, based in Shanghai, brings a unique twist to the gaming industry with its anime-themed AI avatars. Valued at $2.5 billion, MiniMax captivates users with interactive characters that engage in playful banter and even flirtation. With backing from major players like Alibaba and Tencent, MiniMax is set to disrupt the gaming landscape with its innovative approach to user engagement.01.ai: Innovating AI Solutions for the Chinese MarketWhile trailing slightly behind its counterparts with a $1.2 billion valuation, 01.ai is making waves in the AI sector with its tailored solutions for the Chinese market. By launching open-source models and the productivity-focused chatbot Wanzhi, 01.ai is addressing unique market needs with strategic investments from Alibaba Cloud and Xiaomi, among others.Looking ForwardAs China emerges as a powerhouse in AI innovation, these four startups stand as an example of the country's growing influence in the global AI landscape. With robust support from investors and a commitment to pioneering AI solutions, these companies look like they are poised to shape the future of AI technology in China and beyond.