Freetrade in the news 🗞️

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Looks like a bit of a recruitment drive and brand awareness building in Hungary…

Some highlights (translated):

  • 2 people so far. “In the first round, a team of about ten people will be built, and if everything goes well, the team will be expanded to 50 people”
  • £2.8bn in transactions this year
  • “Financing expansion should not be a problem for Freetrade. The company has already raised several funds, last spring, for example, it secured a $69 million investment, and this year they received a further £32 million”
  • “They have already built a crypto investment account in the background, with directly available cryptocurrencies, which is in a pre-activation state”
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That’s interesting :thinking: any further info on this?

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That’s disappointing and will prove to be a waste of money and focus, given the crypto mania is already dissipating.

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It’s still a huge and very profitable market…

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IMO even at the hight of the last rally it was pointless. There are a ton of places to buy crypto, Freetrade is unlikely to have any competitive advantage over any of them.

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Nope! I think people were wondering if they were building something themselves, or using an intermediatery. Presumably they’ve mentioned in this article as it will help attract engineers in Budapest.

Yeah, it would have been better in hindsight if they’d focussed on something else like full auto-invest. It’s presumably better that they have this, than they don’t.

The Australian team was used as a example of where a strong leader can create a new base and an effective team. It sounds like they’re trying to emulate the success of this engineering team in the Hungary office, so it must have work well, even if the goal could have been better.

I do wonder what happens post whatever further crashes we might see and if the general enthusiasm largely dies. It doesn’t go to zero, regulation will increase likely changing how the space is regarded/used and it might be at this point where something new emerges out of the rubble… All pretty speculative though!

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Bank of America are an international investment bank, their activities aren’t secluded to the US so I wouldn’t infer this. They’ve a big operation in the UK too. BofA Securities - Wikipedia

100% agree. I hope FT mothballs its crypto project to focus on the web app, Lisas/Jisas, autoinvest etc.

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I’m guessing Robinhood buys this turd