Robinhood Token Launch Unlikely Despite New Chain

Nansen CEO Alex Svanevik has cast doubt on the possibility of Robinhood launching its own cryptocurrency token, despite the trading platform's recent rollout of Robinhood Chain.

Rhobinhood Chain is an Ethereum layer-2 network built on Arbitrum technology, designed to improve transaction speed and reduce costs for Robinhood's crypto services. Svanevik explained that a separate native token is not technically required for the network to function because it uses ETH as its gas token.

The CEO pointed out that such a move could create direct competition with Robinhood's own stock, which would be counterproductive for a publicly traded company.