Robinhood’s inventory (HOOD) reached a brand new all-time excessive (ATH) after it revealed plans to launch a number of progressive merchandise, together with its personal Layer 2 blockchain, tokenized shares providing, perpetual futures buying and selling, and crypto staking companies.
Following the information, the inventory surged roughly 11% to $92, a brand new all-time excessive for the agency. This extends a progress pattern 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 reinforce Ethereum’s scalability whereas supporting the tokenization of real-world belongings.
The platform will provide options reminiscent of 24/7 buying and selling, seamless bridging, and self-custody, reinforcing Robinhood’s shift in direction of changing into a extra complete platform that integrates conventional finance and crypto-based merchandise.
As a part of this growth, Robinhood plans to supply over 200 US shares and ETFs on the Arbitrum community. This may permit eligible European clients to entry these belongings 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 utility 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 permit merchants to achieve steady publicity to crypto, with leverage of as much as 3x.
The agency said that the orders for the brand new product are routed by Bitstamp’s perpetual futures change.
Robinhood additionally launched crypto staking companies for US clients, beginning with Ethereum and Solana. These companies will allow traders to earn rewards by staking their belongings 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 potential.
He mentioned:
“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 potential—with the purpose of bringing highly effective instruments into one intuitive platform.”