Hip-hop star and business mogul, Shawn Carter, otherwise popularly known as Jay-Z, is the owner of an entertainment enterprise called Roc Nation. The company dabbles in being a talent agency, music production and music publishing just to name a few of its interests.
Now, the Grammy-winning superstar can now add cryptocurrency to its list.
Last year, Jay-Z revealed a subsidiary, Arrive Venture Capital, under his Roc Nation banner, which would focus on startups. His penchant for participating in hungry companies go as far as 2012, when he reportedly dabbled in technology, namely luggage maker Away, private jet outfit Jetsmarter, and even a series B round with Uber.
Arrive’s head Neil Sirni said:
“Arrive was created to leverage our experience and resources in building brands, developing consumer-facing businesses, managing artists and representing athletes. We’ve opened that diversified, global range of expertise to a new vertical: entrepreneurs and their early stage businesses.”
Robinhood last month made public that it was developing its services to include free trades in bitcoin and ether, setting off much publicity. Though the company doesn’t plan to become a cryptocurrency exchange per se, experts are saying that such a format could seriously stand up to more well-established platforms.
Within a week, over one million people have already signed up for the service.
“We believe in Baiju and Vlad’s mission to make the financial markets more accessible and cost efficient for customers of all size. Robinhood Robinhood Robinhood will have our support as they execute the long-term vision of their company.”
Robinhood boasts of more than three million users. Its total value is gradually reaching one and a half billion dollars. Its model is a loss leader, with stock trades being free. It also started a web-based service, and its Robinhood Crypto, though limited, is already considered a booming success.
Arrive has invested in the location sharing endeavor Insite Applications, and Devialet, an audio technology company. Robinhood is Arrive’s third venture, and comes after the startup’s bitcoin and either announcement.
Though other hip-hop artists such as 50 Cent have invested in bitcoin as well, Jay-Z is considered to be a pioneer in the field. His Soldier Field stadium concert paired up with the Chicago Sun Times to sell tickets in bitcoin through a third party vendor.
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