Robinhood CEO Says Crypto’s Future Is in RWA, Dismisses Meme Coins
Summary
- Vlad Tenev, CEO of Robinhood, said the future of digital assets lies in RWA as traditional finance and cryptocurrency move toward convergence.
- Tenev said meme coins with no practical utility are not productive assets and that creating hundreds of them serves no purpose.
- Robinhood is accelerating its RWA expansion, including with the launch of the mainnet for Robinhood Chain, its proprietary Layer 2 network based on Arbitrum (ARB).
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Vlad Tenev, chief executive officer of Robinhood, said the future of crypto lies in real-world asset tokenization, or RWA, and voiced skepticism about meme coins.
Tenev told CNBC on July 2 that traditional finance and crypto are moving toward convergence and that the future of digital assets is in RWA.
The focus should be on bringing proven real-world assets on-chain, rather than creating tokens with no practical utility such as meme coins, he said. Assets with no utility are not productive, he added. Creating hundreds of meme coins serves no purpose.
Robinhood has recently stepped up its RWA push, including by launching the mainnet of Robinhood Chain, its proprietary Layer 2 network built on Arbitrum (ARB).
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.