Robinhood Markets Inc (NASDAQ:HOOD) shares rose about 4% on Wednesday following the launch of Robinhood Chain, a new Ethereum-based layer-2 blockchain constructed utilizing Arbitrum’s Orbit know-how and designed to assist tokenized property and onchain monetary merchandise.
The transfer marks a big growth of Robinhood’s crypto technique, with the corporate positioning the network as a basis for bringing conventional investing merchandise onchain.
Robinhood Chain launches with Chainlink as its official oracle and cross-chain infrastructure supplier, integrating Chainlink’s Cross-Chain Interoperability Protocol (CCIP), Information Streams, and Information Feeds from day one.
The combination allows worth knowledge and interoperability providers for tokenized real-world property, together with inventory tokens akin to Nvidia (NVDA), Alphabet (GOOG), and Apple (AAPL), whereas permitting property to maneuver throughout a number of blockchain networks.
Robinhood mentioned the blockchain is meant to offer customers with entry to a broader vary of onchain monetary merchandise, supported by what it describes as institutional-grade infrastructure for safety and knowledge reliability.
Chainlink, which powers a lot of the decentralized finance ecosystem, mentioned the partnership displays rising adoption of its oracle requirements by mainstream monetary platforms. The corporate’s infrastructure presently secures a big share of DeFi exercise and has facilitated trillions of {dollars} in transaction worth.
“Robinhood Crypto is constructing the inspiration for the long run of investing by delivering safe entry to all of our monetary merchandise instantly onchain, by Robinhood Chain,” mentioned Gaëtan Thabot, Director of Product at Robinhood Crypto.
“We selected Chainlink because the oracle supplier for Robinhood Chain as a result of its institutional-grade safety and reliability are already trusted by the world’s largest monetary establishments to scale onchain ecosystems.”
