- Robinhood has launched Robinhood Chain, a layer 2 blockchain, to assist tokenized property.
- Robinhood Earn affords an estimated 7% annualized yield to eligible USDG lenders.
- Robinhood has expanded its cryptocurrency companies with AI instruments and broader world market plans.
As a part of its enlargement into tokenized property and decentralized finance, Robinhood has launched its personal Ethereum-compatible Layer 2 blockchain to launch the Robinhood Chain public mainnet.
The launch is a step within the firm’s blockchain technique, integrating tokenized inventory buying and selling, decentralized lending, and new AI-powered monetary companies beneath a single infrastructure.
Alongside the community’s debut, Robinhood additionally introduced extra worldwide enlargement plans, new crypto merchandise, and updates to its monetary companies portfolio, though the corporate’s inventory worth fell barely in pre-market buying and selling after the corporate’s product occasion in London.
Robinhood Chain goes dwell with give attention to tokenized property
Robinhood Chain was launched as a permissionless layer 2 community constructed on high of the Arbitrum community. The blockchain goals to assist tokenized real-world property, together with shares, exchange-traded funds, stablecoins, and different monetary devices, whereas remaining appropriate with Ethereum.
The community goals to extend transaction throughput, cut back fee prices, and supply infrastructure for builders, establishments, and retail customers constructing blockchain-based monetary functions, the corporate mentioned.
The corporate additionally confirmed that Chainlink will function the blockchain’s official oracle and cross-chain infrastructure supplier, offering exterior knowledge feeds and interoperability companies to the community.
Robinhood mentioned the blockchain may also assist tokenized U.S. inventory buying and selling for eligible customers in additional than 120 nations as a part of its worldwide providing.
Individually, Hunter, a member of the cryptocurrency neighborhood, claimed that Robinhood Chain is operating greater than 4 instances quicker than Solana and greater than 10 instances quicker than Base. The corporate has not independently verified these efficiency comparisons.
New merchandise related to the launch of blockchain
The blockchain rollout was introduced concurrently the launch of a number of extra merchandise centered round digital property. Robinhood has launched Robinhood Earn, a decentralized lending product that permits eligible US clients to lend their USDG stablecoin at an estimated annual rate of interest of seven%.
The corporate additionally expanded its perpetual futures companies to clients in 30 European nations. Robinhood mentioned its product lineup will embody publicity to conventional monetary property akin to gold, silver, oil, the euro-dollar foreign money pair and main exchange-traded funds.
Robinhood additionally mentioned it has plans to launch cryptocurrency buying and selling within the UK. It additionally highlighted its enlargement into Canada with the acquisition of WonderFi and confirmed that it has obtained a capital markets companies license in Singapore to assist future operations throughout Asia.
AI announcement and market response
The blockchain announcement adopted a keynote occasion, Robinhood Presents: The World is Flat, held on the Outdated Royal Naval School in London.
In the course of the occasion, the corporate showcased extra AI-powered merchandise, together with agent tick buying and selling and an AI-assisted spending software linked to the Robinhood Gold Card. Robinhood additionally introduced that its AI agent has set a Guinness World Report for many gadgets bought inside three minutes.
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