USDCrypto x TradFi Weekly: Fidelity, Robinhood, and BlackRock Go All In
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Robinhood Teams Up with Kalshi to Launch NCAA Betting Prediction Market
Robinhood has partnered with Kalshi to launch a new prediction market hub focusing on NCAA basketball tournament bets, leveraging recent regulatory leniency to boost its offerings. The collaboration aims to tap into the $3 billion betting market surrounding NCAA tournaments, potentially enhancing Robinhood's revenue. This prediction market hub will allow users to trade on various event outcomes, building on previous prediction betting initiatives, such as the US election.
The venture also positions Robinhood in direct competition with established platforms like Polymarket, which is currently addressing legal challenges. Both companies have navigated a previously strict regulatory landscape, with Robinhood benefiting from a recent shift in oversight. The launch reflects Robinhood's strategy to innovate within financial markets, having already ventured into futures trading for cryptocurrencies and attracting attention in the meme coin sector. Overall, the new hub represents a significant enhancement to Robinhood's service offerings amid evolving market conditions.
Xapo Bank Launches Bitcoin-Backed Loans Up to $1 Million
Xapo Bank has launched a bitcoin-backed U.S. dollar lending product, offering loans of up to $1 million to qualifying members, secured by their bitcoin holdings. With loan-to-value ratios ranging from 20% to 40% and flexible repayment schedules of 30, 90, 180, or 365 days, Xapo aims to restore trust in the lending market that was damaged by the collapses of Celsius and BlockFi. Unlike these previous lenders, Xapo is a fully licensed bank, providing a regulated and secure platform for borrowers.
Members can leverage their bitcoin for liquidity without selling it, preserving its long-term value. The platform features a loan health checker and allows early repayment without penalties. Founded in 2013, Xapo transitioned to a digital bank and custodian, recently enabling bitcoin deposits via the Lightning Network and becoming the first UK bank to offer interest-bearing accounts in both bitcoin and fiat.
Spark Selects BlackRock, Superstate, and Centrifuge to Share $1 Billion Tokenization Grand Prix Fund
Spark has announced BlackRock, Superstate, and Centrifuge as winners of its Tokenization Grand Prix, aimed at allocating $1 billion in tokenized assets, with BlackRock's BUIDL fund receiving $500 million. Launched in July 2024, the competition utilized the Spark Liquidity Layer (SLL) to integrate real-world assets (RWAs) for balance sheet diversification and stablecoin adoption in DeFi. The final investment is pending approval from Sky governance, with a vote scheduled for April 3.
If successful, Superstate will receive $300 million for its USTB, while Centrifuge-Anemoy's JTRSY will get $200 million. The SLL currently holds USDC, USDS, sUSDS, USDe, and sUSDe. BUIDL, the largest tokenized money fund, has a market cap of over $1.2 billion. Superstate’s USTB, focused on short-duration Treasury bills, has $370 million, and Centrifuge’s JTRSY, with a market cap of $32.4 million, is the smallest.
Fidelity Registers $4.9 Trillion Solana Fund in Delaware
Fidelity Investments has registered the 'Fidelity Solana Fund' in Delaware, reported on March 20, 2025, managing $4.9 trillion in assets. This development, although its legitimacy is questioned by some, reflects Fidelity's ambition to integrate Solana into mainstream investment portfolios within its broader $15 trillion assets under management (AUM). The registration resembles strategies employed by other financial firms like Bitwise and Franklin Templeton before their ETF filings, indicating that Fidelity may be positioning itself for a possible Solana-related ETF. This move marks a significant step in cryptocurrency investment by a major financial institution.
Jurassic World Enters the Metaverse Through Collaboration with The Sandbox
The Sandbox has partnered with Universal Products & Experiences and Amblin Entertainment to introduce Jurassic World to the metaverse, offering immersive gameplay experiences. The flagship release, Jurassic World: Dinosaur Preserve, will launch in March 2025, allowing players to join the Dinosaur Protection Group, explore a sanctuary, collect, and complete quests. Players can hatch dinosaur eggs of varying rarities and face new challenges with each visit. Additionally, they can purchase virtual real estate in April using the native currency SAND to build personalized experiences. The platform is accessible for free on Windows and Mac.
This article has been refined and enhanced by ChatGPT.
