Robinhood plans to launch its own blockchain and launch “stock tokens” in the EU

PANews reported on June 30 that online brokerage Robinhood is actively expanding its cryptocurrency business, according to Fortune magazine. On Monday, the company announced that it would allow EU customers to trade U.S. stocks and ETFs on the blockchain and launch "Robinhood Stock Tokens." These tokens present popular company stocks in the form of cryptocurrencies, are commission-free, and holders can receive dividends within their app. Customers can trade stock tokens representing more than 200 companies, 24 hours a day, 5 days a week. These stocks were initially issued on Arbitrum and will subsequently be migrated to the company's own Layer2 chain (tentatively named Robinhood Chain). Although the launch time of the new blockchain has not been specified, the new chain will support 24-hour trading. In addition, Robinhood also allows European users to trade cryptocurrency perpetual futures, and supports U.S. customers to pledge cryptocurrencies (Ethereum and SOL are supported in the initial stage).