Robinhood CEO Says Crypto Will ‘Fundamentally’ Change Finance
In a post to X (formerly Twitter), Robinhood CEO Vlad Tenev stated his belief that crypto will completely change the finance sector. Specifically, Tenev noted that digital assets “will fundamentally reorganize the financial system” in a statement on the industry and its growth in the ever-evolving world.
The statement comes after Robinhood announced the acquisition of cryptocurrency exchange Bitstamp. Indeed, Tenev notes that the purchase will allow the company to accelerate its vision and “combine forces with Bitstamp’s global footprint.”
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Robinhood’s CEO Discusses Crypto’s Growing Vitality
There is no denying that cryptocurrencies have been a massive point of discussion thus far in 2024. With two crypto-based ETFs approved by the US Securities and Exchange Commission (SEC), the asset class has emerged as a point of interest for a growing number of individuals and financial entities.
That development has affirmed the place digital assets hold in the grand scheme of the US economy. Moreover, they have proven their power to challenge the status quo. Subsequently, that is a sentiment echoed by Robinhood CEO Vlad Tenev, who has recently lauded the transformative power of crypto.
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“We believe crypto will fundamentally reorganize the financial system,” Tenev said in a recent statement. “We’re acquiring [Bitstamp] to accelerate our vision.” Additionally, he commented on the combining of forces between both companies. Specifically, he noted their creation of “core spot exchange and industry-leading crypto products like crypto-as-a-serivce, institutional lending, and staking.”
The landmark acquisition was announced on Thursday, with Robinhood purchasing the exchange for $200 billion. Furthermore, the acquisition is expected to be finalized early next year, according to reports. It showcases an implemented expansion strategy from Robinhood, rooted in its faith in the digital asset sector.