Robinhood’s Stock (Hood) has reached a new all-time high (ATH) after revealing plans to launch several innovative products, including its own Layer 2 blockchain, tokenized stock products, permanent futures trading and crypto staking services.
Following the news, the stock price rose by around 11% to $92, the highest ever for the company. This will expand the growth trend this month, with stocks increasing by more than 34%.
New Robinhood products offered
On June 30th, Robinhood revealed its plans to launch a Layer 2 blockchain built on the Arbitrum network. This blockchain is designed to improve Ethereum scalability while supporting real assets tokenization.
The platform offers features like 24/7 trading, seamless bridging, and self-reliance, enhancing the Robinhood shift to becoming a more comprehensive platform that integrates traditional finance and crypto-based products.
As part of this expansion, Robinhood plans to offer over 200 US stocks and ETFs on its Arbitrum network. This allows eligible European customers to access these assets without incurring fees or additional spreads.
The company’s CEO, Vlad Tenev, demonstrated the new service at an event in Cannes, France, and introduced the real world application by running Openai’s stock token transactions on the Arbitrum network.
A permanent future
In addition to tokenized stocks, Robinhood is preparing to launch a permanent future for crypto in the European market by the end of summer. These futures allow traders to continue exposure to crypto with up to three times the leverage.
The company said new product orders are being routed through BitStamp’s permanent futures exchange.
Robinhood has launched crypto staking services for its US customers, starting with Ethereum and Solana. These services allow investors to earn rewards by staking assets to support blockchain networks.
Johann Kerbrat, GM and SVP of Robinhood Crypto, emphasized that these innovations are designed to make Crypto as accessible as possible.
He said:
“Crypto was built by engineers for engineers and was inaccessible to most people. We are mounted around the world by setting the goal of bringing powerful tools to one intuitive platform.”
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