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Robinhood’s bold move into the cryptocurrency space has sent its stock soaring to a new all-time high, with investors clamoring for a piece of the action.
The financial services company, which is known for offering commission-free trading, has unveiled an ambitious roadmap that prioritizes crypto assets. This sudden shift towards blockchain-based innovation has led to a remarkable surge in its stock price, which rose approximately 11% to reach $92.
According to CEO Vlad Tenev, the new initiatives aim to make cryptocurrency as accessible and user-friendly as possible. To achieve this goal, Robinhood will be introducing tokenized stocks, perpetual futures trading, and crypto staking services.
The platform’s Layer 2 blockchain, built on Arbitrum, is designed to improve Ethereum’s scalability while enabling the seamless bridging of decentralized finance (DeFi) applications. This development paves the way for seamless access to real-world assets through tokenization.
Moreover, Robinhood plans to allow eligible European customers to trade over 200 US stocks and ETFs without incurring commission fees or added spreads. Tenev showcased the potential of this new service during a demonstration at an event in Cannes, France, where he executed a stock token transaction on behalf of OpenAI.
The move marks a significant pivot for Robinhood as it seeks to capitalize on the growing interest in cryptocurrency and decentralized applications.
Source: cryptoslate.com
