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Let’s take you back to memory lane.
Early 2021, the financial world saw an event that shook the foundations of traditional investing: the GameStop saga. A group of retail investors, charged by the Reddit community WallStreetBets, took on Wall Street giants and started a revolution in the stock market. Their target? GameStop, a struggling video game retailer that became the battleground for a war between the establishment and the masses.
GameStop’s challenges started from a combination of factors. One issue was the dwindling relevance of physical video game retailers due to the rise of digital downloads and online sales platforms. Also, GameStop faced pressure from investors who believed its business model was outdated and unsustainable in the long term. This led investors betting against GameStop’s stock to keep declining. And it did decline further…
After that, what ensued was a rollercoaster of events. Someone came to Gamestop’s rescue by buying a percentage of the company’s shares enough to get him a seat at the board. This spurred WallStreetBets members to love GameStop’s stocks because of this man’s, Ryan Cohen, actions. With GameStop’s stock price soaring to unimaginable heights, causing massive losses for hedge funds that had bet against it through short selling. In the chaos, one name became synonymous with controversy: Robinhood, the popular trading app that prides itself on “democratizing finance.” However, when the heat turned up, Robinhood halted trading on GameStop and other volatile stocks, leaving its users feeling betrayed and sparking outrage across the internet.
They disabled the “buy” button, but left the “sell” button active. This single action made the GameStop stock plummet. In the end, the legacy traditional finance establishments — Wall Street — profited, while the masses (the retail investors; you and I) lost.
Last year, Robinhood delisted certain cryptocurrencies from its trading platform following the Securities and Exchange Commission’s classification of them as unregistered securities. Robinhood removed Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27, 2023, after being named in SEC lawsuits against major crypto exchanges Binance and Coinbase. Users with these assets in their Robinhood accounts at the time of delisting had them automatically sold on the market.
Imagine you bought a well performing crypto asset, and then have it sold without your consent because some governmental oversight had issues with the innovators of the asset.
We’re what Robinhood thought it was; maybe, still think it is. We are democratizing finance, using an app.
PsiFi is built on the Avalanche blockchain, where trading is unstoppable and censorship-resistant. Unlike Robinhood, PsiFi operates entirely on-chain, meaning not even its creators can halt trading or manipulate prices. It’s trustless: you don’t even need to trust us. There are no middlemen, market makers, or hedge funds who can influence your trading and asset transfer choices.
We can’t delist crypto assets. We put you in control of your finances and your financial journey; we work for you, not for Wall Street.
Learn more about us here: PsiFi.app
