Robinhood CEO Vlad Tenev (블라드 테네브) said growth in the cryptocurrency industry depends on putting real-world assets (RWA) on-chain.
According to a report by The Block, Tenev said in a CNBC interview on Wednesday that "the future of crypto is in real-world assets" and that "assets not connected to underlying utility are not productive assets". He also said, "What good is it to make millions of memecoins?"
Robinhood on Tuesday launched Stock Token, a service that allows qualified users to trade tokenised stocks 24 hours a day. Robinhood plans to deposit Stock Tokens into lending pools so they can be used as trading collateral across the DeFi ecosystem. It is also preparing products that provide exposure to stakes in unlisted companies such as OpenAI.
Tenev said "crypto is becoming the infrastructure that supports financial markets" and that "everything that was run in the traditional way will eventually shift to on-chain tokenisation". He also said the importance of bitcoin would not diminish, but reiterated that the industry's next phase of growth would come from tokenising real-world assets.
Chi-gyu Hwang
delight@d-today.co.kr