- Robinhood has announced a layer 2 network optimized to handle tokenized stocks
- The network will be powered by Ethereum scaling layer Arbitrum
- The network will support trading, seamless bridging, and self-custody
Financial services company Robinhood has announced that its creating a layer 2 network optimized to handle the trading of tokenized real-world assets. The layer 2 protocol will be powered by Ethereum scaling layer Arbitrum and will support seamless bridging and self-custody. Robinhood also announced an expansion of its product suite to include crypto perpetual futures and staking, indicating that the financial services company is venturing deeper into the crypto and blockchain worlds.
Robinhood Layer 2 Currently in Development
In a statement , Robinhood said itll initially issue tokenized stocks on Arbitrum and later transfer them to its very own Robinhood layer 2 blockchain because its currently in development.
According to Johann Kerbrat, SVP of Robinhood, the financial services company is committed to bringing more people to crypto by abstracting the technical side, making it easy to use, and developing powerful and intuitive tools.
Apart from announcing a layer 2 network, Robinhood also revealed that it has expanded its product suite to make trading crypto [&] even more powerful and seamless. The new products include instant boost on crypto deposits, crypto credit card rewards, Cortex for crypto, smart exchange routing, tax lots, and advanced charts.
Robinhood has also unveiled crypto staking to eligible U.S. customers. The staking option supports Ethereum and Solana , with more cryptos to be added in the future.
Laying the Crypto Backbone
According to Robinhood CEO Vlad Tenev, the financial services companys move to expand its product offerings and create a layer two network is part of its mission to lay the groundwork for crypto to become the backbone of the global financial system.
The revelations come four weeks after Robinhood finalized its $200 million acquisition of crypto exchange Bitstamp, and four months after the financial services company launched a prediction markets hub to rival Polymarket.
With Robinhood creating a layer 2 network, its to be seen whether the move will help boost crypto adoption.
