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Today in crypto, Robinhood’s plan to tokenize stocks on its new chain could divert liquidity from NYSE and other major exchanges, a Coinbase executive speculates over the slight possibility that the recent movement of $8.6 billion worth of Bitcoin was the result of a hack.
Robinhood’s plan to tokenize stocks on its new Ethereum-compatible blockchain could shift trading volume away from traditional exchanges like the NYSE, undermining their core revenues from trading fees and market data, according to Galaxy Digital.
At the EthCC conference this week, Robinhood CEO Vlad Tenev detailed plans for “Robinhood Chain,” an Ethereum-compatible layer-2 on Arbitrum Orbit. The blockchain will let users trade tokenized derivatives of stocks directly onchain, moving asset trading outside traditional exchange hours.
