CANNES — Robinhood inventory hit the $100 mark for the primary time, capping off every week of recent all-time highs and renewed investor confidence.
Shares at the moment are monitoring their greatest efficiency since April, up greater than 30% for the reason that buying and selling app was snubbed from the S&P 500.
The milestone follows a serious strategic swing in Europe, the place Robinhood unveiled its most formidable crypto expansion to this point — one aimed toward re-engineering the monetary infrastructure itself.
At an occasion held in a Belle Époque mansion alongside the French Riviera, Robinhood executives laid out a imaginative and prescient to carry 1000’s of tokenized shares, ETFs, and personal equities absolutely on-chain.
“This presentation and these merchandise are dual-purpose,” CEO Vlad Tenev told CNBC in Cannes. “The primary goal is clearly to ship nice merchandise to customers, however I feel the second goal is to simply exhibit very concretely how nice it could possibly be if crypto know-how and conventional monetary providers might absolutely merge.”
To that finish, Robinhood has began quietly constructing its personal blockchain, utilizing Ethereum scaling tech to assist 24/5 buying and selling. It additionally launched tokenized shares of OpenAI and SpaceX — corporations not publicly listed — to European customers, marking a shift in how and the place retail buyers can achieve publicity to high tech names.
“We thought we might simply ship,” Tenev stated. “We do not wish to do a lot speaking. We wish to simply put product in prospects’ arms.”
Robinhood Crypto basic supervisor Johann Kerbrat echoed that sentiment, saying the corporate is simply getting began.
“Sooner or later, we expect we will broaden this to 1000’s of tokens that symbolize various kinds of monetary devices — from U.S. shares and worldwide equities to personal fairness,” he stated. “What we confirmed as we speak with SpaceX and OpenAI is only a glimpse of what we’re planning — there’s way more to return.”
Robinhood’s revenue rose 50% year-over-year in Q1, and the corporate simply this week launched staking within the U.S. — a characteristic that had beforehand been blocked by regulators.
WATCH: Robinhood Crypto GM discusses digital asset staking launch for eligible U.S. customers
