In brief
Robinhood Chain reached almost $800 million in total value locked after one month.
The network has processed more than 200 million transactions.
Robinhood wants to reach people who have never used crypto rather than compete for existing users.
Robinhood Chain wants to be a financial hub for the suits just as much as for the degens.That’s essentially the meaning behind Robinhood CEO Vlad Tenev’s “two wolves” post on X, which the company’s head of crypto, Johann Kerbrat, says sums up what Robinhood is going for with the launch of its own Ethereum layer-2 network: a balance between serious products—tokenized equities and derivatives contracts—and the memes that bring in attention, fun, and users.“We want to show customers that we care about what they care about,” Kerbrat told Decrypt. “We want to make sure the chain works for what people care about.”And it’s off to a roaring start.In just over a month online, Robinhood Chain has reached nearly $800 million in total value locked and has since processed more than 200 million transactions, Kerbrat said.In an exclusive interview with FOMO Hour on Friday, Kerbrat, who leads Robinhood’s crypto and international businesses, said the company chose an Ethereum layer-2 over a layer-1 blockchain so it could rely on existing security and decentralization while focusing its resources on products.He pointed to the chain’s deposits and transaction count as early measures of its adoption.“We also look a lot at developer activity, that’s something that is very important for me,” he said. “I want the chain to not just be the chain for Robinhood, but also be the chain that anyone can use and interact with our product, like our stock tokens, but also everything else that we are building.”The Robinhood Chain network is part of Robinhood’s effort to move brokerage products on-chain. Customers can use it to buy and sell real-world assets, roughly 200 tokenized stocks, lend stablecoins, and trade perpetual futures.
