Robinhood launches proprietary blockchain network, prepares UK crypto services
Following extensive testing, the trading platform has unveiled a new DeFi product lineup, its mainnet blockchain launch, and upcoming cryptocurrency services for UK customers.
Approximately four months following the initial testing phase of its blockchain network, stock and cryptocurrency trading platform Robinhood has officially announced the public mainnet deployment.
The company revealed on Wednesday that Robinhood Chain, a layer 2 (L2) blockchain infrastructure developed on top of Arbitrum, has gone live for public use after undergoing testing on the testnet environment since February. Characterized by the company as being "AI-native and purpose-built for real-world assets," the blockchain network represents a significant step in Robinhood's broader strategy to expand its cryptocurrency and decentralized finance offerings.
Robinhood has revealed intentions to introduce crypto trading services to the UK market in the near future. Additionally, the platform confirmed that its tokenized stock offerings have gone live and are now accessible via its wallet application to customers across more than 120 countries worldwide. In January, CEO Vlad Tenev characterized tokenized stocks as "inevitable," making the case that these products could serve as a safeguard against trading halts that occasionally plague traditional stock exchanges.
The public mainnet deployment occurred merely weeks following Tenev's announcement regarding Robinhood's decision to reduce its workforce by 10% as part of a broader organizational restructuring initiative. While the company is scheduled to release its 2026 second-quarter financial results on July 29, it previously disclosed in April that cryptocurrency transaction revenue experienced a nearly 50% decline on a year-over-year basis, falling from $252 million to $134 million.
Robinhood also unveiled Robinhood Earn, a decentralized financial product enabling users to lend USDG, a stablecoin backed by the US dollar, via a self-custody wallet solution with an estimated annual percentage yield of 7%. The company's stock price climbed approximately 8% during Wednesday's trading session.
Base's L2 network reports back-to-back outages
With its blockchain launch, Robinhood is now participating in a highly competitive layer 2 marketplace currently led by prominent networks including Base, the blockchain infrastructure supported by Coinbase.
During June, Base encountered two separate service disruptions occurring within just hours of one another, which the platform's engineering team subsequently attributed to a sequencer bug. The network currently holds the position of second-largest layer 2 blockchain by total value secured, with approximately $11 billion locked in the protocol.