AI · Cointelegraph
Robinhood publishes public blockchain, readies crypto trading for UK residents
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◎ Multiple-sources
The company announced a suite of DeFi products, plans for launching crypto trading in the UK and its public mainnet after months of testing.
Key facts
- On Wednesday, the company said Robinhood Chain, a layer 2 (L2) blockchain built on Arbitrum, had officially launched after the network went live on testnet in February
- The company also introduced Robinhood Earn, a decentralized product that allows users to lend USDG, a dollar-backed stablecoin, through a self-custody wallet at an estimated 7% annual percentage yield
- CEO Vlad Tenev called tokenized stocks “inevitable” in January, arguing that offering the products could help prevent trading freezes that sometimes occur on traditional exchanges
- The launch of the public mainnet came a few weeks after Tenev announced that Robinhood would cut 10% of its workforce as part of a restructuring move
Summary
Stock and cryptocurrency trading platform Robinhood announced the launch of its public mainnet about four months after it began testing the network. On Wednesday, the company said Robinhood Chain, a layer 2 (L2) blockchain built on Arbitrum, had officially launched after the network went live on testnet in February. According to Robinhood, it plans to launch crypto trading in the UK soon. The launch of the public mainnet came a few weeks after Tenev announced that Robinhood would cut 10% of its workforce as part of a restructuring move.