Robinhood makes his greatest bet on crypto so far and announces on Monday that it is one Ethereum low-2 Scale network for trading digital representations of assets such as shares, while similar products already exist on competitive networks such as such as such as Solana.
For Johann Kerbrat, Robinhood’s Crypto General Manager, the existence of several projects is frustrating. Tokenization becomes less favorable when a digital Version of the same shares is issued in several networks that are beneficial because the activity about ecosystems has been stopped, he said Decrypt.
“I hate the idea of having a Tesla-Kraken token and a Tesla-Robinhood token,” he said. “Instead of actually making progress and creating a better financial system, we split up [up] liquidity.”
The initiative of Robinhood emphasizes grim differences between important crypto -trading platforms in the use of tokenization to break with traditional methods for keeping records and more efficient systems for investors.
When developing its own Ethereum-compatible network, based on ArbitrumKerbrat’s design said that Robinhood tries to throw a net as large as possible, because it seems to be expanding on Tokenized assets and connect to other entities in the cryptosphere.
‘We are launching [tokenized stocks and ETFs] First in the EU, but in the future, [we] Do you want to open it as soon as we get clarity about the regulations, “he said.” We want the maximum participation there. We want to be compatible with other players. “
But have crypto exchanges crack and bybit rolled Tokenized stock trade via the Xstocks of Backed Finance. The assets, which act on Solana, underline how companies use competitive networks and standards to give the financial system a facelift.
While Kraken pushes forward with tokenized stock trade on Solana, Kerbrat noted that ink, an Ethereum Layer-2 network issued Due to Kraken last year, it became unused.
“It is interesting to see that they decided not to use that chain,” he said. “Some companies are about launching as many things as possible to get as many headlines as possible. On our side we actually want people to use a product.”
A spokesperson for Kraken told DecrypT a member of the Xstocks Alliance, a group of fairs, networks and decentralized financial protocols that determine standards for assets on the chain, to prevent fragmenting liquidity over multiple token standards and chains.
“We work to turn Xstocks into the worldwide standard for Tokenized shares,” said the spokesperson. “This is not about promoting a single brand – it is about unlocking access and moving strength back to the people.”
Solana was a natural place to launch Xstocks to accelerate ‘massive acceptance’, but Kraken is already working with a ‘wide network of partners’ to extend Xstocks to extra blockchains, the spokesperson said. Ink is an important part of the company’s route map, they added.
While Kraken leans to Xstocks, Robinhood is preparing for debuting his own Ethereum Layer-2-scale network, with the intention of addressing as many developers as possible.
In Cannes, Robinhood CEO Vlad Teev said During an event on Monday that the company cooperates with supervisors to “bring the entire Robinhood ecosystem to the chain”, ultimately uses his own blockchain for trade and settlement and supporting financial applications.
During a fireplace with Ethereum co-founder Vitalik Buterin and Offchain Labs CSO AJ Warner, Kerbrat later marked Arbitrum stylus. As an engineer, he noticed how difficult it can be to find ‘great engineers’ who are skilled in the Ethereum programming language.
Arbitrum Stylus, who debuted in September, enables developers to write smart contracts in different languages, including peace, the primary language of programs on Solana.
“You can come in specific libraries or specific components of your application with the help of the Stylus Stack and still take the benefits of the EVM code hardened by the battle,” said Warner, and noticed that languages such as C ++ address more about game developers or traditional financing companies.
Published by James Rubin