🗿 Robinhood Delisting Begins

Today’s No FOMO newsletter is brought to you by…

GM. Companies are sweeping up AI startups like an NFT floor in 2021. Is this a top signal or a reason to be bullish??

☕ *knuckle cracks* Let’s get into it.

Today’s Specials:

No FOMO News 📰 : NEAR and Alibaba Team Up 🤝

No FOMO 🗿: Robinhood Sucks 🙅‍♂️

You Raised? 🤑 : $1B for LITHO and JOT Devs 💰

AI Intel 🤖 : Everyone Wants to Beat ChatGPT 🦾

Testnet Tuesday 🧪: Drag and Drop CGI Tool 📹

No FOMO News 📰

• NEAR Foundation Partners With Alibaba Cloud to Accelerate Web3 Growth in Asia (CoinDesk)

• EVNTZ signed up 5,000 Harry Styles fans for its web3 wallets (MusicAlly)

• Over 50% of Fortune 100 companies have embraced crypto and web3, study shows (CryptoNews)

• Crypto.com to set up global R&D hub in Singapore to focus on blockchain, Web3 and AI (TheStraitsTimes)

• EU Seals Deal on Crypto Bank-Capital Rules (CoinDesk)

• FTX Bankruptcy Team Says the Exchange Owed Customers $8.7B (CoinDesk)

• Bitcoin Setting New Records in Unmoved Supply as ‘Hodling’ Continues (BeInCrypto)

Robinhood Sucks 🎶

Robinhood is delisting Solana, Cardano, and Polygon today. And laying off 7% of their employees. Now we’re gonna tell you some reasons why we think they suck.

What is Robinhood?

Founded in 2013, Robinhood set out to provide a mobile-focused platform that offers “commission-free” trades. Their ethos was to democratize trading and, as the name suggests, give money to the poor.

As many of you know, they haven’t exactly lived up to their mission.

History of Hypocrisy

Robinhood was sued in a class action case after they chose to halt trading – causing millions of users to lose money in 2020-21. Robinhood admitted wrongdoing and settled the suit.

Robinhood has also faced significant regulatory scrutiny due to its business practices.

The company was fined $70 million by FINRA for outages, misleading customers, and systemic supervisory failures. Robinhood displayed inaccurate cash balances, provided false information about options trading risks, and issued erroneous margin calls and warnings to its users.

But but but but they off “zero-fee” trading, ser! They must be good. Lol, wanna know how they pull that off?

Robinhood earns money through a practice known as "payment-for-order flow" (PFOF). While customers are not charged explicit fees, Robinhood receives compensation from dealers for routing trades to them, potentially leading to less favorable execution prices for users.

Robinhood delists Solana, Cardano, and Polygon

They haven’t officially said why.

Most think it is a reaction to the recent SEC lawsuits against Coinbase. Does this mean there are back-office problems at Robinhood? Does this mean they did some shady stuff to get crypto on the app? Are they going to have to delist more tokens?

We can only speculate, but given their track record… it probably isn’t great.

The kicker: If you don’t transfer your tokens off of Robinhood by June 27th, they will be automatically sold. What if you bought to hold and didn’t want to create a taxable event? Tough luck.

Robinhood looking out for its users as usual…

TLDR; just delete Robinhood, bruh.

AI Intel 🤖

• DeepMind claims its next chatbot will rival ChatGPT (TechCrunch)

• Databricks picks up MosaicML, an OpenAI competitor, for $1.3B (TechCrunch)

• Amazon to invest $100M in generative AI center: Report (CoinTelegraph)

• China’s Baidu claims its Ernie Bot beats ChatGPT on key tests as A.I. race heats up (CNBC)

• Thomson Reuters buys Casetext, an AI legal tech startup, for $650M in cash (TechCrunch)

• Toyota taps generative AI for EV design (Driven Car Guide)

• Mizuho Rolls Out Generative AI to All 45,000 Bank Staff in Japan (Bloomberg)

• Wimbledon teams up with IBM to introduce generative AI video commentary and highlight clips (Fox News)

You Raised?? 💰

• Avalanche-Backed Web3 Gaming Studio Pixion Games Closes $5.5M Seed Round (CoinDesk)

• Velo Labs secures $10m to bolster its “Web3+” FinTech ecosystem (FinTechGlobal)

• Danish startup secures €2.8 million for institutional-focused cryptocurrency staking platform (ArcticStartup)

• KaJ Labs Launches $1 Billion Web3, AI Grant Program for Lithosphere (LITHO) & Jot Art (JOT) Developers (EInNews)

• Galaxy Finance obtains $30 million in Series B funding to grow its Web3 Wallet platform and bolster financial education efforts (Benzinga)

Testnet Tuesday 🧪

This week, we’re changing it up and highlighting an AI tool. Meet Wonder Dynamics.

Currently in a closed beta, Wonder Dynamics is “an AI tool that automatically animates, lights and composes CG characters into a live-action scene”.

Having seen it in action, it’s even more simple than it sounds – basically just drag and drop. We’re not video production experts, but it’s safe to say Steven Spielberg is, and he’s an investor.

“Wonder Studio AI automates 80%-90% of “objective” VFX work and leaves the artist with the remaining “subjective” work, which can be exported into the software they already use” – Spielberg

Video professionals know how production and special FX can be one of the most time consuming and expensive processes.

Wonder Dynamics wants to empower artists by giving them more access and time to produce their work. We won’t bore you with all of the intricacies of the features, but click on the alien above to check out the demo video.

Shameless Shill + Alpha

This is NOFOMO, the newsletter keeping you up-to-date on all things emerging tech — from AI to Blockchain to Virtual Reality.

Whether you're a seasoned investor or just getting started, our expert writing team will bring you the latest news, trends, and insights from the rapidly evolving world of robots and digital assets.

Plus, we ratioed Bloomberg once, so we think we’re pretty cool.

We’ll try to make it as fun as possible in the process.

Oh yeah, before we forget. If you don’t already join our 34K+ frens on Twitter (a top 10 account in the world according to Lunarcrush pff), you should probably do that.

Hit the inbox of 50K+ tech enthusiasts

Advertise with No FOMO to reach a unique and valuable tech community.

Our discerning readers are always looking for the latest tools and products in the industry. Connect with the right people and make a difference in tech.

Get in touch today.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research