Trading platform Robinhood’s crypto revenue rose 98% year-on-year to $160 million in the second quarter as CEO Vlad Tenev doubled his plans to lead the real-world asset-market market in the U.S. and abroad.
Total net income rose 45% year-on-year to $989 million, while net income rose 105% to $386 million explain In Wednesday’s earnings statement.
Despite beating Wall Street expectations, the company’s stock has a slight review in after-hours trading.
The cryptocurrency volume also increased by 32% to $28 billion in the quarter, as crypto market capitalization grew 21.7% to $3.36 trillion.
Robinhood wants to diskenize hard to reach alternative assets
“We believe symbolization is the biggest innovation in our industry in the past decade,” the CEO said after Robinhood late last month. Layer 2 blockchain with symbolism as the focus – Robin Chain – for stock trading in Europe.
Teneff said Robinshid’s main focus in the U.S. market is to classify alternative assets that are “previously inaccessible” as alternative assets.
“Private markets and related real-life assets are opportunities that have not existed until now,” “We are working with regulators to make this possible.”
Tenev refers to everything from private stocks and venture capital funds to real estate, which often become a no-zone for retail investors due to regulatory and liquidity barriers.
It comes nearly two months after Robinhood’s $200 million acquisition Encrypted exchange BitstampThis will play a key role in the company’s tokenization strategy.
Robinhood’s tokenized product raises legal issues
Teneff said he has seen a keen interest from developers hoping to make a sensation in the company’s assets since he unveiled the tokenization strategy in Cannes late last month:
“Since our event, we have received many calls from developers who either want to tokenize their own company’s stock or otherwise facilitate the tokenization of the real-world asset revolution and work with us.”
Robinhood has issued private equity tokens similar to Europe in Europe Share with SpaceX.
However, recent tokenized products Causing legal inquiries In Lithuania, although Openai warns that Robinhood’s Openai tokens are not similar to the actual equity in the company.
CEO says
Asked about how Robinhood’s token platform surpassed public blockchains, Tenev pointed to the company’s 25 million U.S. users and the $1 trillion assets they already hold in custody.
“(that) will be very, very difficult to replicate,” Teneff said, noting that neither Robinide’s competitors nor blockchain local companies “really pursue this particular opportunity.”
“There are a lot of chains out there that want to build the best chain for Degen traders, but I think the opportunity for real-world assets and the unique characteristics they have (…) I don’t think anyone else directly addressed.”
Related: ETORO registers 100 most popular U.S. stocks on Ethereum
Although Tenev’s comments are targeting Tier 2, Ethereum continues to dominate the crypto tokenization market, gaining nearly $7 billion in real-world assets, RWA.xyz data show.
Ethereum Tier 2 ZKSYNC era ranked second with a price of $2.4 billion, accounting for nearly 19% of its market share.
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