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Crypto prices remain mired in a prolonged slump, but Robinhood CEO Vlad Tenev says the company remains bullish on the broader sector. During a first quarter earnings call on Tuesday, Tenev said he wants to get away from a strategy based around the price of Bitcoin, and focus instead on the finance industry’s rapid adoption of blockchain infrastructure. “We’re at the very beginning of what will be a tokenization supercycle,” said Tenev, pointing to recent initiatives to tokenize stocks. In a follow-up interview with Fortune, Tenev said this process will be disruptive but that it will create value for both investors and the broader financial industry. The term “tokenization” describes the process of taking various assets and offering them in a blockchain wrapper, allowing them to be traded by means of the same technology that underpins Bitcoin. Firms like Robinhood and Kraken are already offering tokenized stocks in overseas markets, while both the New York Stock Exchange and Nasdaq have announced plans to do the same. During the earnings call, which came after Robinhood announced results that narrowly missed analyst expectations, Tenev said the company is well positioned to ride a future tokenization wave. He pointed to Robinhood’s crypto wallet, the company’s build-out of its own blockchain, and its existing efforts to sell tokenized stocks. [link] [comments] |
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