Robinhood CEO Vlad Tenev expressed his strong belief in the future of cryptocurrency on Wednesday, laying out a four-point plan for enhancing the company’s crypto offerings. Tenev showcased his keen interest in tokenization, viewing it as a catalyst to “ignite the true potential of the crypto revolution.”
Subject to regulatory approval, Tenev sees enormous potential in tokenization, particularly as a tool for incorporating real-world assets like shares and private equity into blockchain technology, as per a video he posted on X.
Robinhood, according to Tenev, is uniquely situated at the crossroads of traditional finance and DeFi, providing a bridge between the two realms by leveraging additional liquidity and other blockchain benefits.
Since the election of crypto-friendly President Trump, Robinhood has expanded its crypto offerings to include seven new cryptocurrencies, such as Solana (SOL), Pepe (PEPE), Cardano (ADA), and XRP, in addition to Trump’s own official memecoin (TRUMP). Ethereum staking was also launched in the European Union.
With the departure of ex-Securities and Exchange Commission Chair Gary Gensler, who was known for his regulation-by-enforcement approach, and the introduction of a new crypto regulatory framework by the Trump administration, Tenev anticipates further crypto listings this year.
On Monday, it was announced that the SEC had completed its investigation into Robinhood’s Crypto platform, deciding not to pursue any enforcement action.
“We have always maintained that any action against Robinhood Crypto would not hold up,” said Dan Gallagher, Robinhood Markets Compliance and Corporate Affairs Officer. “We welcome the official conclusion of this investigation and the SEC’s commitment to fairness and the rule of law.”
Robinhood Crypto has notably refrained from providing certain products and services that were alleged to be securities by former SEC Chair Gensler, distinguishing itself from other platforms.
Robinhood plans to continue investing in its separate non-custodial Robinhood Wallet, which Tenev describes as a “gateway to thousands of additional coins for our customers.”
Lastly, Tenev aims to extend the “Robinhood Effect” to the institutional crypto market following the final acquisition of crypto exchange Bitstamp, leveraging its global reach in over 50 countries.
After a 400% increase in crypto trading volume, Robinhood reported record revenue of $1.01 billion for the fourth quarter. Following this, analysts at Bernstein more than doubled their price target for Robinhood’s stock to $105. Robinhood’s stock closed up 6.4% at $48.85 on Wednesday and is currently up 4.8% in pre-market trading on Thursday, according to TradingView.
Disclaimer: This article is purely informational and is not intended to be used as legal, tax, investment, financial, or other advice.
