The CEO of buying and selling large Robinhood reportedly believes that tokenization is the way forward for monetary providers.
In a brand new Fortune report, Robinhood head Vlad Tenev says that the “subsequent transition” for monetary providers is tokenization.
“You don’t must squint too onerous to think about a world the place shares are on blockchains.”
Based on Fortune, a number of large identify monetary giants, together with BlackRock and Goldman Sachs, are already exploring tokenization, when property like {dollars} and shares are issued on blockchains.
Tenev believes tokenization has the potential to chop out pricey intermediaries for monetary actions like commerce settlements.
Tenev additionally talks about Robinhood’s $200 million acquisition in June of crypto alternate Bitstamp.
Says Tenev,
“The price of operating a crypto enterprise is an order of magnitude decrease. There’s simply an apparent know-how benefit.”
Earlier this month, Bloomberg reported that Robinhood is taking a look at providing crypto futures buying and selling within the US and European markets, however hasn’t laid out a timeline to take action.
Tenev additionally says he envisions Robinhood as a platform the place individuals retailer their wealth, much like how they at the moment use banks.
The platform has superior on this course by branching out to retirement accounts, a bank card, and high-yield money accounts.
“The aspiration is for individuals like me to have all their wealth in Robinhood.”
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