Robinhood CEO Vlad Tenev believes crypto can modernize conventional finance by addressing inefficiencies within the conventional monetary infrastructure.
Crypto can remedy legacy inefficiencies in conventional finance by revolutionizing how monetary providers are provided and delivered, Robinhood chief govt Vlad Tenev advised CNBC.
In a Sept. 11 interview, Tenev mentioned cryptocurrency has the potential to revolutionize conventional finance, positioning it as a long-term infrastructure improve for monetary providers. He emphasised that blockchain know-how may deal with inefficiencies in collateralized lending, buying and selling, market making, and settlement processes.
Crypto presents an infrastructure improve and a shift in how monetary providers are provided and delivered.
Vlad Tenev
He famous that the decentralized nature of blockchain know-how holds the potential to resolve lots of the challenges embedded within the U.S. monetary infrastructure.
Robinhood bets large on crypto adoption in US
Tenev’s remarks come amid crypto international adoption as highlighted in Gemini‘s newly launched “2024 International State of Crypto” report. The report, based mostly on a survey of 6,000 individuals throughout 5 nations, revealed that adoption within the U.S. and the U.Okay. stays constant at 21% and 18%, respectively. France noticed a modest improve in crypto possession from 16% to 18%, whereas Singapore skilled a slight decline from 30% to 26%, in line with the report.
Regardless of regulatory issues, the retail market exhibits indicators of a rebound, with two-thirds of crypto holders viewing it as a long-term funding. Whereas regulatory readability stays a priority, Tenev stays optimistic, predicting that the U.S. “will proceed to embrace the know-how.”
Robinhood recorded a worthwhile second quarter in 2024, with a 40% improve in income year-over-year, totaling $682 million, propelled by renewed curiosity in crypto buying and selling. As crypto.information reported, the agency’s crypto transaction-based revenues hit $81 million, accounting for a 161% improve in comparison with the identical interval final yr.
Learn extra: Robinhood to launch crypto futures within the U.S. and Europe