Robinhood Launches Ethereum Layer-2 Chain, Rolls Out Global Tokenized Stock Trading
HOOD sits 77% above its 52-week low of $63.515.
Summary
Robinhood officially launched its own Ethereum Layer-2 blockchain, Robinhood Chain, on July 2nd, built using Arbitrum technology. This significant product expansion includes rolling out tokenized stock trading in over 120 countries and integrating major decentralized finance (DeFi) protocols such as Uniswap and 1inch. This move follows the Reuters report on July 1st about Robinhood's broader international and product expansion efforts. It represents a substantial strategic push into the crypto and DeFi ecosystem, aiming to bridge traditional finance with digital assets and expand Robinhood's global market presence.
At the time of this announcement, HOOD was trading at $112.55 on NASDAQ in the Finance sector, with a market capitalization of approximately $101.8B. The 52-week trading range was $63.52 to $153.86. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Cointelegraph.