Trading app giant Robinhood (HOOD) has seen a significant increase in its shares today, with a 10% rise in value, reaching all-time highs. This surge in share price comes after the company announced a major expansion into the world of cryptocurrency.
In a recent announcement, Robinhood revealed that it has launched US stock and exchange-traded fund (ETF) tokens in the European Union. These tokens will be issued on the Ethereum (ETH) layer-2 blockchain Arbitrum (ARB). Additionally, the company shared its plans to develop its proprietary layer-2 on Arbitrum.
Johann Kerbra, General Manager and Senior Vice President of Robinhood Crypto, expressed the company’s commitment to making crypto more accessible to the general public. He stated, “Crypto was built by engineers for engineers, and has not been accessible to most people. We’re onboarding the world to crypto by making it as easy to use as possible—with the goal of bringing powerful tools into one intuitive platform.”
Furthermore, Robinhood is expanding its crypto offerings by introducing perpetual crypto futures in the EU and crypto staking in both the EU and the US. Vlad Tenev, Chairman and CEO of Robinhood, emphasized the company’s vision for crypto to become a fundamental aspect of the global financial system. He stated, “Our latest offerings lay the groundwork for crypto to become the backbone of the global financial system.”
Last week, Robinhood announced the launch of micro-futures for Bitcoin (BTC) and other top crypto assets. In a podcast interview from last year, Tenev discussed the company’s ambitions to lead in the integration of AI and wealth management. He highlighted Robinhood’s focus on becoming a leader in both crypto and AI technologies, with recent investments in AI-based investment research products.
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