The CEO of trading giant Robinhood reportedly believes that tokenization is the future of financial services.
In a new Fortune report, Robinhood leads Vlad Tenev say that the “next transition” for financial services is tokenization.
“You don’t have to squint so hard to imagine a world where stocks are on blockchains.”
According to Fortune, several major financial giants are already exploring tokenization, where assets such as dollars and stocks are issued on blockchains, including BlackRock and Goldman Sachs.
Tenev believes that tokenization has the potential to eliminate expensive intermediaries for financial actions such as trade deals.
Tenev also talks about Robinhood’s $200 million acquisition of crypto exchange Bitstamp in June.
Says Tenev,
“The costs of running a crypto business are an order of magnitude lower. There is just a clear technological advantage.”
Earlier this month, Bloomberg reported that Robinhood is considering offering crypto futures on the US and European markets, but has not yet set a timeline for that.
Tenev also says he sees Robinhood as a platform where people store their wealth, similar to the way they currently use banks.
The platform has evolved in this direction by expanding into retirement accounts, a credit card and high-yield cash accounts.
“The goal is that people like me will have all their wealth in Robinhood.”
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