Speaking to Cointelegraph, Nansen CEO Alex Svanevik said Robinhood likely won't launch its own token, partly because it could compete with its publicly traded stock, HOOD. He noted that Robinhood's Layer 2 network already runs on Ethereum and has a gas token for network fees, removing the need for an additional platform token. Svanevik framed the brokerage's blockchain push as a product capability play rather than a fundraising tool or a bid to build a token-centric economy.
Robinhood probably won't issue its own cryptocurrency token, according to Alex Svanevik, CEO of blockchain analytics firm Nansen, in a recent interview reported by Cointelegraph.
Svanevik said a token launch could pit the brokerage against its own publicly traded stock, HOOD. He also pointed out that Robinhood has already introduced a Layer 2 network built on the Ethereum ecosystem, complete with a gas token used to pay network fees. That setup makes a separate platform token unnecessary, he argued.
Rather than raising capital or constructing a new economic model around a token, Svanevik said Robinhood's deeper move into blockchain infrastructure is aimed at using the technology to improve its products.
The comments push back on earlier market speculation that Robinhood might follow other crypto projects and roll out an ecosystem token. For now, Svanevik said, the company appears more likely to treat blockchain as an underlying technology tool than as the basis of a token-centered business.
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