Robinhood Markets (NASDAQ: $HOOD) has launched a new public blockchain as it expands its cryptocurrency offerings.
The online brokerage has unveiled a public mainnet for “Robinhood Chain” as it moves further into decentralized finance (DeFi).
Robinhood Chain is a Layer-2 blockchain built on Arbitrum (CRYPTO: $ARB) and designed for tokenized real-world assets and decentralized finance applications.
More From Cryptoprowl:
With the launch of the public mainnet, Robinhood’s tokenized stock products are now live. Stock tokens are available through Robinhood Wallet in more than 120 countries.
The company said the goal is to allow its customers to trade tokenized stocks around the clock and use them across decentralized finance applications.
Robinhood has also introduced “Robinhood Earn,” a decentralized lending product that allows users to lend the company’s dollar-backed stablecoin via a self-custody wallet.
The stablecoin offers an annual yield of 7%.
Robinhood is continuing to push further into crypto despite ongoing volatility among digital assets. The company has said it is responding to customer demands.
HOOD stock has declined 6% this year to trade at $108.65 U.S. per share.
Bitcoin (CRYPTO: $BTC) is currently trading at $61,400 U.S., having risen 2% in the past 24 hours.