HOOD Goes Parabolic As Robinhood Launches Massive Crypto Expansion With New Layer-2 Chain, Stock Tokens and More
Buying and selling app large Robinhood (HOOD) shares are up 10% at the moment, buying and selling at all-time highs after saying a giant growth into crypto.
Based on a Robinhood announcement, the retail buying and selling app has launched US inventory and exchange-traded fund (ETF) tokens within the EU.
The inventory tokens might be issued on the Ethereum (ETH) layer-2 blockchain Arbitrum (ARB). Robinhood additionally introduced plans to construct its proprietary layer-2 on Arbitrum.
Says GM and SVP of Robinhood Crypto Johann Kerbra,
“Crypto was constructed by engineers for engineers, and has not been accessible to most individuals.
We’re onboarding the world to crypto by making it as straightforward to make use of as doable—with the aim of bringing highly effective instruments into one intuitive platform.”
As well as, the buying and selling app large is introducing perpetual crypto futures within the EU, in addition to crypto staking in each the EU and the US.
Feedback Robinhood Chairman and CEO Vlad Tenev,
“Our newest choices lay the groundwork for crypto to grow to be the spine of the worldwide monetary system.”
Final week, Robinhood introduced it was rolling out micro-futures for Bitcoin (BTC) and different prime crypto property.
In a podcast interview final yr, Tenev stated that Robinhood has ambitions to play a job within the merging of AI and wealth administration.
“I believe there’s two massive know-how tendencies that would have an effect on monetary providers. One is crypto, the opposite is AI. And Robinhood might be a pacesetter in each. I imply we’re already a pacesetter in crypto, and we’re making tons and many investments to ensure we’re the chief in AI.
I don’t assume the competitors is especially formidable, however I additionally assume that’s not an excuse to get complacent, so sure, I do assume we’re going to be doing so much. And we additionally, only in the near past, introduced an acquisition of Pluto, which – it’s mainly an AI-based funding analysis product, so you’ll be able to put in details about firms and investments.”
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