The trading platform Robinhood’s crypto revenue rose 98% year-on-year to $ 160 million in the second quarter as CEO Vlad Tenav doubled plans to lead the real-world property tokenification market in the US and abroad.
Total net revenue climbed 45% year-to-year to $ 989 million, while net income rose 105% to $ 386 million, Said In his earning statement on Wednesday.
Despite defeating Wall Street’s expectations, the company’s shares retreated slightly in trading.
Crypto volume also increased by 32% to $ 28 billion in the quarter as Crypto market cap increased by 21.7% to $ 3.36 trillion.
Robinhood wants toke
“We believe that our industry watched our industry in the last decade is the biggest innovation,” the CEO stated that at the end of last month, Robinhood rolled out a token-centric layer for stock trading in Europe 2 blockchain-Robinhood Chain-Ek token-Centenary Layer 2 Blockchain-Robinood Chain.
Tenav stated that Robinhood’s main focus in the US market would be tokens of alternative assets that were “already inaccessible”.
“Private markets and related real -world property are opportunities that are not yet present,” and “we are working with regulators to make it possible.”
Tenev was referring to everything from private stocks and venture capital funds to real estate, which has usually been off-lymph for retail investors due to regulatory and liquidity obstacles.
It comes about two months after the $ 200 million acquisition of Robinhood’s Crypto Exchange Bitstamp, which is ready to play an important role in the company’s Tokanization strategy.
Prasad of Robinhood token has raised legal concerns
Tenev said that he has seen the developers strong interest from those wishing to tokens the property of the company on Robinhood since unveiling the strategy of tokens in Cannes, France at the end of last month:
“Since our program, we have received a lot of calls from developers who either want to token their own companies’ shares or otherwise jump on the real -world property revolution and the partner’s token with us.”
Robinhood has already issued private equity tokens in Europe that resemble openi and SpaceX shares.
However, Prasad of Tokanikaran recently conducted a legal inquiry in Lithuania, while Openai warned that Robinhood’s OpenEE token is not available from the real equity in the company.
More equipped for tokens, CEO argues
Asked how Robinhood’s tokening platform would carry forward public blockchain, Tenav pointed to the company’s 25 million US users and $ 1 trillion assets that they already detain.
“(That) is going to be very difficult to repeat for others,” Tenav said, seeing that any of Robinhood’s competitors or blockchain-root firms “is really going after this specific occasion.”
“There are many series that want to build the best chain for Digen traders, but I think the opportunity for real -world property and unique characteristics they had (…) I don’t think someone else is dealing directly.”
Connected: Etoro to tokens 100 most popular American shares on Ethereum
While Tennev’s comments were directed at layer 2S, the atherium crypto tokening dominates the market, the real -world property of about $ 7 billion acquires RWA.XYZ, RWA.XYZ data Show.
Ethereum Layer 2 Zksync era comes second with $ 2.4 billion, about 19% accounting for market share.
magazine: Will Robinhood’s token stock actually occupy the world? Pros and cons
