In step with information compiled by means of S&P Global Market Intelligence, the inventory of upstart monetary products and services corporate Robinhood Markets (HOOD 8.36%) was once emerging by means of greater than 11% week so far as of early Friday morning. One key explanation why for this was once a media document in regards to the corporate’s obvious embody of present monetary generation to construct a cross-continental buying and selling device.
A brand new approach of global securities buying and selling?
Towards the tip of Wednesday’s buying and selling consultation, Bloomberg reported that Robinhood is aiming to construct a blockchain-based buying and selling platform for Ecu traders to business American securities.
Symbol supply: Getty Pictures.
Bringing up two unidentified “folks acquainted with the topic,” the monetary information company wrote that Robinhood will more than likely spouse with an present blockchain developer for the venture. Two chances discussed within the article have been Solana and Arbitrum.
Certainly one of Bloomberg’s assets wired that negotiations between Robinhood and possible collaborators are ongoing, and no settlement has been finalized.
Neither Robinhood, nor the builders of the 2 blockchains — Offchain Labs for Arbitrum and Solana Basis — have not begun commented at the article.
A possible blockchain bonanza
There was a lot chatter in each the monetary products and services trade and the cryptoverse about the use of virtual “tokens” to business securities corresponding to shares. That is an attractive risk, as it would lead to reasonable, low-friction transacting within the enduringly standard universe of monetary investments to be had on this nation.
If Robinhood can increase this sort of device, it would rope in a significant stage of latest trade. So this isn’t just a profitable construction for the corporate’s traders to look at, it must be of pastime to somebody recently concerned within the monetary markets.
Eric Volkman has no place in any of the shares discussed. The Motley Idiot has positions in and recommends Solana. The Motley Idiot has a disclosure coverage.
