Robinhood’s stock (HOOD) has recently hit a new all-time high after the company announced its plans to introduce a range of innovative products. These new offerings include its own Layer 2 blockchain, tokenized stocks, perpetual futures trading, and crypto staking services.
The stock price surged by approximately 11% to reach $92 following the announcement, marking a significant milestone for the firm. This positive momentum has propelled the shares to rise by more than 34% this month alone.
One of the key highlights of Robinhood’s new product offering is the launch of a Layer 2 blockchain on the Arbitrum network. This blockchain is specifically designed to enhance Ethereum’s scalability while enabling the tokenization of real-world assets. The platform will provide users with features such as 24/7 trading, seamless bridging, and self-custody, showcasing Robinhood’s commitment to integrating traditional finance with crypto-based products.
In line with this expansion, Robinhood plans to offer over 200 US stocks and ETFs on the Arbitrum network. This move will allow eligible European customers to access these assets without incurring commission fees or added spreads, enhancing accessibility for a wider range of investors.
Furthermore, Robinhood is set to introduce crypto perpetual futures in the European market by the end of the summer. These futures will enable traders to gain continuous exposure to crypto assets with leverage of up to 3x, with orders being routed through Bitstamp’s perpetual futures exchange.
Additionally, the company has also unveiled crypto staking services for US customers, starting with Ethereum and Solana. This service will allow investors to earn rewards by staking their assets to support the blockchain networks, further promoting engagement with the crypto ecosystem.
Johann Kerbrat, GM and SVP of Robinhood Crypto, emphasized the company’s goal of making crypto as accessible as possible. He highlighted the importance of simplifying the user experience and providing powerful tools within an intuitive platform to onboard a broader audience to the world of crypto.
Overall, Robinhood’s expansion into the realm of blockchain technology, tokenized stocks, perpetual futures trading, and crypto staking services demonstrates its commitment to innovation and providing a comprehensive platform that caters to the evolving needs of investors in both traditional and digital asset markets.