The trading platform Robinhood’s Crypto Revenue rose 98% year-to-year up to $ 160 million in the second quarter while CEO Vlad Tenev doubled plans to rule the real-world asset tokenization market in the US and abroad.
Total net income rose to 45% year-on-year up to $ 989 million, while net income rose 105% to $ 386 million, Robinhood Says In a statement of revenue on Wednesday.
Despite defeating expectations on Wall Street, the company shares slightly restored to trade after time.
Crypto volumes also increased by 32% to quarter to $ 28 billion while the crypto market cover rose 21.7% to $ 3.36 trillion.
Robinhood wants to token a hard reach alternative properties
“We believe the tokenization is the biggest change our industry has seen last decade,” said the CEO after Robinhood late last month rolling a Tokenization dedicated to layer 2 blockchain – Robinhood chain – for stock trading in Europe.
Tenev said Robinhood’s main focus on the US market was to detect alternative “unacceptable” alternatives.
“Private markets and relevant real-world assets are opportunities that are not until now,” and “we work with regulators to be possible.”
Tenev defines everything from private shares and venture capital funds to real estate that are commonly off-limited to retail investors due to obstacles to regulation and liquidity.
It came almost two months after $ 200 million Robinhood’s acquisition of Crypto exchange bitstampset to play an important role in the company’s tokenization approach.
Robinhood’s tokenization offerings raised legal concerns
Tenev said he has seen a strong interest from the developers who want to explore the ownership of the Robinhood company since the release of tokenization strategy in Cannes, France, late last month:
“Because of our event, we got a lot of calls and many calls from developers who either want to token the shares of their own companies or otherwise jump into the tokenization of the real-world assets revolution and partner with us.”
Robinhood has already released private Equity tokens in Europe resembling Sharing of Openai and Spacex.
However, tokenization offerings recently Sparks a legal inquiry In Lithuania, while Openai warned that the Robinhood’s Openai token does not resemble actual equity in the company.
Robinhood is further equipped for tokenization, the CEO dispute
Asked how Robinhood’s tokenization platform would be public blockchains, Tenev pointed to 25 million US users and the $ 1 trillion on property -owners that they already had under caution.
“(That) would be very difficult, it was very difficult for others to replicate,” said Tenev, who noticed that none of the Robinhood competitors or blockchain-native companies were “really following this specific opportunity.”
“Many chains want to build the best chain for Degen entrepreneurs, but I think the opportunity for real-world assets and the unique qualities they have (…) don’t think anyone else is tackling as directly.”
Related: Ethoro to Tokenize 100 Most Popular US stock in Ethereum
While Tenev’s comments are directed at Layer 2S, Ethereum continues to lead the crypto tokenization market, which gained about $ 7 billion worth of real-world assets, RWA.xyz Data Shut up.
The Ethereum Layer 2 Zksync Era arrives in the second with $ 2.4 billion, which provides close to the 19% part of the market.
Magazine: Is Robinhood’s tokenized stock really going to take the world? Advantages and weaknesses
