Robinhood, a leading trading app for everyday investors, has unveiled a sweeping vision for the future of finance that aims to disrupt traditional Wall Street institutions. The company announced new products in Cannes, France, designed to move financial assets onto the blockchain.
The most notable announcement is stock tokens, which are digital versions of US company stocks and ETFs. European customers can now access these major American investments without needing a traditional stockbroker or being physically present in the US. Stock tokens exist on Arbitrum, a Layer 2 blockchain built on top of Ethereum, allowing for faster and cheaper transactions.
Robinhood is also building its own custom Layer 2 blockchain to power the tokenization of real-world assets. This new digital network aims to create a financial system where assets trade around the clock, are easily moved between digital wallets, and can be self-custodied.
Beyond stock tokens, Robinhood has announced crypto perpetual futures for European customers, allowing investors to bet on cryptocurrency prices with leverage. The company is also launching crypto staking for eligible US customers, starting with popular cryptocurrencies like Ethereum and Solana. Staking allows users to earn passive income by “locking up” their crypto to support blockchain operations.
These new products demonstrate Robinhood’s strategy to make investing simpler and more widely available using cryptocurrency technology. If successful, this could be a blueprint for how digital assets reshape the global financial system from within.
Source: https://gizmodo.com/robinhood-wants-to-redo-wall-street-on-the-blockchain-2000624445