Galaxy Digital warns Robinhood’s plan to tokenize stocks on its new chain could divert liquidity from NYSE and other major exchanges.
Robinhood’s plan to tokenize stocks on its new Ethereum-compatible blockchain could shift trading volume away from traditional exchanges like the NYSE, undermining their core revenues from trading fees and market data, according to Galaxy Digital.
At the EthCC conference this week, Robinhood CEO Vlad Tenev detailed plans for “Robinhood Chain,” an Ethereum-compatible layer 2 on Arbitrum Orbit. The blockchain will let users trade tokenized derivatives of stocks directly on the blockchain, moving asset trading outside traditional exchange hours.
Tenev explained that a new token engine operating on the Robinhood Chain would provide users with tokenized derivatives of their assets, enabling them to self-custody these tokens or interact with a decentralized application.
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