Cointime

Download App
iOS & Android

What Is Robinhood’s Latest Venture “Sherwood” All About?

On January 17, Robinhood Markets Inc., the U.S.-based retail trading platform, announced its newly formed media-focused subsidiary called Sherwood Media, LLC. The name is taken from the folklore surrounding Robin Hood, who being an outcast, used to live in the forest of “Sherwood”. The new media organization would serve as a source for news and information pertaining to financial markets, economics, business and technology; as well as the culture of money.

Robinhood’s Foray Into Media

The company will be an extension of Robinhood’s brand and a means of attracting new customers, building on the success of Robinhood’s daily markets and business newsletter, Snacks. Headed by Joshua Topolsky, the founder and former Editor-in-chief of The Verge, the publication will soon become the new home of Snacks as well as other new products that will cover finance & money holistically; along with associated subjects including cryptocurrency, technology, and geopolitics. Topolsky was previously involved in the establishment of the parent business Vox Media and served as the Chief Digital Content Officer at Bloomberg before leaving for Sherwood.

While speaking on the new development, Topolsky was quoted as saying:

The next generation looks at money and the markets through an entirely new lens, they live at a different speed — and they want something more substantive in their diet.

Joining in as the editor-in-chief and president of Sherwood Media, Topolsky further stated that he’s ecstatic to be a member of a team that has the unique opportunity, position, and perspective to construct a “news organization for the next wave”. And, while Robinhood will provide funding to assist the establishment of the outlet, the new president at Sherwood intends to develop business opportunities for the editorial items he is developing.

How Does Robinhood Benefit?

Beginning this year, Topolsky intends to fill dozens of open positions at the new company, including those for reporters, editors and content makers for social media. He plans to introduce new email items across various business and finance verticals in addition to Snacks. According to him, creating specialized newsletters on well-known corporations like Tesla and Disney would be one of his key focuses.

In 2019, Robinhood took its first step into the media when it acquired MarketSnacks, a startup that produced podcasts and newsletters and was home to Robinhood’s current Snacks newsletter. Before Sherwood was established, Snacks did not report news about Robinhood to prevent any real or perceived conflict of interest. However, this time according to Topolsky,  Sherwood would cover the trading platform “where and when it makes sense” along with mandatory disclosures. With media being utilized as a potent customer acquisition and branding strategy, Robinhood looks forward to harnessing the power of Sherwood in capturing larger market presence.

As things stand, the share price of Robinhood (HOOD) is currently trading at around $9.41, which represents a 1% uptick in the day, in contrast to its 11% gain in the past five days.

Comments

All Comments

Recommended for you

  • Trump appoints former SEC Chair Jay Clayton as US Attorney for Southern District of New York

    Donald Trump, the President-elect, has announced that Jay Clayton, the former SEC Chair, will be appointed as the U.S. Attorney for the Southern District of New York. Clayton has advised several crypto firms since leaving the SEC in December 2020 and was responsible for the production of the SEC's DAO Report. He famously stated that most initial coin offerings were securities, a view shared by his successor, Gary Gensler. Trump described Clayton as a "highly respected business leader, counsel and public servant."

  • The U.S. Department of Government Efficiency needs “revolutionaries with super high IQs who are committed to small government reform”

    the newly established Department of Government Efficiency (DOGE) in the United States has released an official statement via their X account, thanking thousands of Americans for their interest in joining the department. However, they have made it clear that they do not need "part-time creative contributors," but rather "revolutionaries with super high intelligence who are committed to small government reform." Applicants are required to work more than 80 hours per week and focus on plain and simple cost reduction. Applicants who meet the requirements can submit their resumes via private message, and the top 1% of outstanding applicants will be personally reviewed by Elon Musk and Vivek Ramaswami.

  • SEC Chairman Gary Gensler Makes Final Lobbying Call for US Crypto Regulation

    according to institutional reports, US Securities and Exchange Commission (SEC) Chairman, Clayton, is making a final push to allow the agency to regulate the cryptocurrency market before the Trump administration's term ends and its enthusiasm for digital assets wanes. In a speech prepared for a legal conference in New York on Thursday, Clayton reiterated that the agency should focus on "road rules" applicable to cryptocurrency sales and intermediaries such as brokers and exchanges to support proper disclosure. Clayton stated that the experience of the Great Depression made decision-makers aware of the "importance of disclosure terms, as information about securities creates a public product". (Jinshi Data APP)

  • U.S. money market fund assets exceed $7 trillion for the first time

    according to data provided by Crane Data, which has long been researching the currency market fund field, as of the week of November 13th, the management assets of US currency market funds increased by about $91 billion, and the total scale exceeded $7 trillion for the first time, which is a milestone for the industry. Due to the high and reliable yield, the popularity of this industry among investors has risen sharply. Before reaching the $7 trillion mark, the scale of US currency market assets hit a historic high for several consecutive months, which refuted doubts about whether the industry could continue to be popular as Federal Reserve officials lowered interest rates from their highest level in 20 years. After US policy makers cut interest rates by 50 basis points in September and another 25 basis points this month, investors continued to pour into currency market funds, mainly because the yield of these funds is higher than other tools, especially bank deposits. Compared with banks, the speed at which these funds transmit the impact of low interest rates is often slower.

  • Franklin Templeton Expands $410 Million Money Market Fund to Ethereum Blockchain

    Franklin Templeton expanded its $410 million money market fund to the Ethereum blockchain.

  • U.S. PPI rose 2.4% year-on-year in October, higher than expected

     US October PPI rose 2.4% year-on-year, estimated at 2.3%, with a previous value of 1.8%; the US October PPI rose 0.2% month-on-month, estimated at 0.2%, with a previous value of 0%.

  • The country's first digital RMB-based intellectual property securitization product was successfully issued

    "Yongxing-Guofu-Ningbo Intellectual Property Asset Support Special Plan (Specialization and Innovation)" with Yongzheng Asset Management as the manager and Yongxing Securities as the sales organization held a listing ceremony on the Shanghai Stock Exchange. The first issue size was 138 million yuan, with a term of 1 year and a coupon rate of 2.2%. The product's priority bond rating was AAA, and it was the first knowledge-based securities product to be invested in digital RMB form nationwide, and also a breakthrough in the Ningbo knowledge-based securities project.

  • Crypto venture capital Portal Ventures completes approximately $90 million in oversubscribed fundraising

    early blockchain venture capital firm Portal Ventures is close to completing the final fundraising for its second fund, which has a size of $75 million. Founder and general partner Evan Fisher said that the fund has been oversubscribed, with subscriptions reaching $90 million. According to documents submitted to the US Securities and Exchange Commission (SEC) in August, the initial target for the fund was $70 million, but Portal later decided to raise the ceiling by $5 million.

  • BIT Mining Invests in Prosper's Native Tokens to Support New Focus on Bitcoin Mining

    ChainwireProsper, a decentralized protocol focused on bridging institutional-grade Bitcoin mining power on-chain, has announced a new investment in its native project token PROS by BIT Mining Limited. This investment aligns with Prosper's new strategic focus on Bitcoin mining and the broader Bitcoin ecosystem, which has been well-received by the community. Prosper partners with industry players to obtain various services and products to deliver institutional-grade execution in managing its mining hashrate. BIT Mining's investment represents another significant validation of Prosper's thesis by institutional backers and supports its new vision.

  • From the US election to November 13, DOGE rose by 128%, outperforming Tesla and Bitcoin

    According to market data, from November 5th to November 13th, Dogecoin had the most eye-catching increase, surpassing the more focused Tesla and Bitcoin. On November 14th, Dogecoin and Bitcoin continued to rise. As of November 13th, Dogecoin increased by 128%, Coinbase increased by 47%, Tesla increased by 31%, Bitcoin increased by 29%, the banking sector increased by 10%, small-cap stocks increased by 4.9%, the S&P 500 increased by 3.6%, and the US dollar index increased by 3.1%. In addition, long-term US bonds, crude oil, gold, and Trump media all experienced a decline.