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 exhausting to think about a world the place shares are on blockchains.”
In response to Fortune, a number of massive title monetary giants are already exploring tokenization, when belongings like {dollars} and shares are issued on blockchains, together with BlackRock and Goldman Sachs.
Tenev believes tokenization has the potential to chop out expensive 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 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 folks retailer their wealth, just like how they at the moment use banks.
The platform has superior on this path by branching out to retirement accounts, a bank card, and high-yield money accounts.
“The aspiration is for folks like me to have all their wealth in Robinhood.”
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