- Tokenization was hailed by Robinhood’s CEO as the most significant advance in the business over the last decade.
- This growth follows Robinhood’s acquisition of Bitstamp, a cryptocurrency exchange, for $200 million two months ago.
Net income increased by 105% to $386 million, while total net revenue increased by 45% to $989 million. Trading volumes for Robinhood’s cryptocurrency increased by 32% to $28 billion, contributing to a 21.7% jump in the overall crypto market valuation to $3.36 trillion.
This growth follows Robinhood’s acquisition of Bitstamp. A cryptocurrency exchange, for $200 million two months ago, with the intention of strengthening its tokenization efforts.
Banking on Tokenization
Tokenization was hailed by Robinhood’s CEO as the most significant advance in the business over the last decade. A layer 2 blockchain designed for European stock trading, the “Robinhood Chain” was just released by the firm. In the United States, Robinhood is working to remove regulatory and liquidity hurdles. For individual investors by tokenizing alternative assets including private shares, VC funds, and real estate.
There has been a lot of buzz among developers about Robinhood’s tokenization push, as many are interested in either tokenizing corporate assets or joining the real-world asset tokenization movement.
According to Tenev, Robinhood has a leg up in the tokenization industry because of its size. The platform has 25 million US users who own $1 trillion worth of assets. He compared Robinhood’s goals to those of other blockchains that want to facilitate speculative trading and said that no other significant rival is actively seeking this potential.
As CEO Vlad Tenev reaffirmed the firm’s resolve to grow its real-world asset tokenization plan in the US and abroad, Robinhood’s cryptocurrency revenue almost doubled to $160 million in Q2, a 98% year-on-year gain.
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