Ethereum · Tokenization · Chainlink · Nvidia · Decrypt
Robinhood Rolls out 'AI-Native' Ethereum Layer-2 Network, Tokenized Stock Trading
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Publicly traded brokerage and financial app Robinhood launched the public mainnet Wednesday for its Ethereum layer-2 network, Robinhood Chain.
Key facts
- Shares in Robinhood (HOOD) finished the day up more than 8% on Wednesday and now nearly 20% in the last month, changing hands at $108.65
- Last month, the firm cut about 10% of its staff amid a severe downturn in revenue from its crypto offerings, which dropped 34% quarter-over-quarter to $134 million from $221 million
- Publicly traded brokerage and financial app Robinhood launched the public mainnet Wednesday for its Ethereum layer-2 network, Robinhood Chain
- Decentralized finance unlocks possibilities beyond what traditional finance can offer, but historically, it has required technical expertise to navigate,” said Robinhood SVP and General Manager
Summary
Robinhood launched the public mainnet of Robinhood Chain, an "AI-native" Ethereum layer-2 network. The chain further bridges the firm's traditional financial offerings with its crypto products, beginning with Stock Tokens. Shares finished the day up more than 8% on the news, though are still well off their 52-week high. The Arbitrum-powered network aims to “bridge the gap” between crypto and the traditional finance world, opening with integrations from BitGo, Chainlink, and partnerships with Uniswap and Pleiades to offer dedicated automated market making for public liquidity and prop trading, respectively.