Tenev says Robinhood has had no exposure to FTX, and an 'increase in marketshare' in the weeks following its collapse.
Robinhood CEO Vlad Tenev said the firm had “no direct exposure” to FTX, and has seen an “increase in marketshare” following the exchange’s collapse.“These events weed out the weaker companies that have invested less in risk management and compliance,” he said.
Tenev also said that the 7.6% stake of Robinhood owned by FTX founder Sam Bankman-Fried does not indicate a formal relationship. The comments come amid a rough time for the industry. FTX filed for Chapter 11 bankruptcy protection on Nov. 11, followed by BlockFi, and lender Genesis Global Capital is on the brink. Crypto prices are down from record highs last year and skepticism about the sector is growing.
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