Mon Dieu! Can you believe the audacity of this modern charade? The esteemed Mr. Vladimir Tenev, CEO of the illustrious Robinhood, has declared that the creation of a cryptocurrency, which can commence trading in mere minutes, demonstrates the ease with which we could tokenize the stocks of private giants like OpenAI and SpaceX.
“You can sit down in front of some software, create a coin, and have it trading in 5 minutes […]. That’s a terrifying prospect!” Tenev exclaimed in a Feb. 25 interview with Bloomberg. “Yet, it’s also an incredibly powerful thing when compared to the arduous IPO process, which is as cumbersome as a snail in molasses.”
“That’s why I find tokenization so fascinating,” he added, with a twinkle in his eye, pointing to the seamless way blockchain technology can list assets and tap into global liquidity. “It’s like a magic wand for finance!”
Tenev lamented that one of the greatest woes for Robinhood’s retail investor base is their inability to capitalize on the “greatest technological revolution we’ve ever seen” — artificial intelligence. “What can you invest in? Nvidia and, to some extent, Tesla, but no OpenAI, no Anthropic. It’s like being at a feast and only getting to taste the appetizers!”
He further opined that the Trump administration’s efforts to make America a world leader in crypto and AI will position US companies like Robinhood to push the boundaries of these technologies. “It’s like a knight preparing for battle, but with a blockchain shield and an AI sword!”
However, bringing these real-world assets onchain would necessitate accreditation and registration rules to provide clarity on how trading platforms can list crypto-based securities. “We must ensure that investors can distinguish between a company like SpaceX, with its high-quality audited financials, and something that’s still in its infancy,” Tenev noted, with a sage nod.
Tenev’s ambitious plans to experiment more with crypto come as the US securities regulator closed its investigation into Robinhood Crypto on Feb. 24. The Securities and Exchange Commission, under the watchful eye of former Chair Gary Gensler, issued a Wells notice to Robinhood Crypto in May, threatening to file an enforcement action over alleged securities violations. “It’s like being accused of witchcraft, but with financial instruments!”
Robinhood posted a record $1 billion in revenue in the fourth quarter of last year, with cryptocurrency revenue accounting for $358 million of the total. Crypto trading volumes soared over 450% year-over-year to $71 billion, while Robinhood’s total crypto assets under custody increased 75% quarter-on-quarter to $35 million. “It’s a veritable gold rush, my friends!”
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2025-02-26 07:51