Robinhood’s inventory (HOOD) reached a brand new all-time excessive (ATH) after it revealed plans to launch a number of revolutionary merchandise, together with its personal Layer 2 blockchain, tokenized shares providing, perpetual futures buying and selling, and crypto staking providers.
Following the information, the inventory surged roughly 11% to $92, a brand new all-time excessive for the agency. This extends a progress development that has seen the shares rise greater than 34% this month.
Robinhood’s new product providing
On June 30, Robinhood revealed plans to launch a Layer 2 blockchain constructed on the Arbitrum community. This blockchain is designed to boost Ethereum’s scalability whereas supporting the tokenization of real-world property.
The platform will provide options reminiscent of 24/7 buying and selling, seamless bridging, and self-custody, reinforcing Robinhood’s shift in the direction of changing into a extra complete platform that integrates conventional finance and crypto-based merchandise.
As a part of this enlargement, Robinhood plans to supply over 200 US shares and ETFs on the Arbitrum community. This can enable eligible European clients to entry these property with out incurring fee charges or added spreads.
The corporate’s CEO, Vlad Tenev, demonstrated the brand new service at an occasion in Cannes, France, showcasing the real-world software by executing a inventory token transaction for OpenAI on the Arbitrum community.
Perpetual futures
Along with tokenized shares, Robinhood is making ready to launch crypto perpetual futures within the European market by the tip of the summer season. These futures will enable merchants to realize steady publicity to crypto, with leverage of as much as 3x.
The agency acknowledged that the orders for the brand new product are routed by means of Bitstamp’s perpetual futures alternate.
Robinhood additionally launched crypto staking providers for US clients, beginning with Ethereum and Solana. These providers will allow buyers to earn rewards by staking their property to assist the blockchain networks.
Johann Kerbrat, GM and SVP of Robinhood Crypto, emphasised that these improvements are designed to make crypto as accessible as attainable.
He stated:
“Crypto was constructed by engineers for engineers, and has not been accessible to most individuals.We’re onboarding the world to crypto by making it as straightforward to make use of as attainable—with the purpose of bringing highly effective instruments into one intuitive platform.”
