Broker Robinhood Markets Inc. is ending its partnership with Jump Trading, which is the largest market maker in traditional finance and dominates the Chicago Mercantile Exchange.
It is worth noting that Jump was the first company to support Robinhood's desire to conquer the cryptocurrency market in 2021.
This information has caused concern among Robinhood clients, as many services designed for cryptocurrency trading are powered by Jump Trading. Jump is expected to leave the U.S. market due to the unfavorable climate in the crypto industry and increased regulatory scrutiny, CoinDesk reported.
The companies did not comment on why Robinhood and Jump are no longer working together.
The SEC filing does not list Jump-owned Tai Mo Shan Ltd., which was involved in processing Robinhood's order flow, but instead lists rival firm B2C2.
We previously wrote that Robinhood was among the top three companies in terms of BTC wallet volume. According to the latest insights, Robinhood owns 118,300 Bitcoins (BTC), which are valued at $3.07 billion.
Read also: Elon Musk prepares to launch cryptocurrency payments via X.
