Robinhood has introduced the public testnet of Robinhood Chain. It is a new Ethereum Layer 2 network built using Arbitrum technology. With this move, the company is venturing into tokenized real-world assets and on-chain financial services.
Before the mainnet launch, which is anticipated later this year, developers can immediately begin creating and testing applications. Regulatory compliance, security, and dependability are top priorities for the network.
While Alchemy, Allium, LayerZero, and TRM are supporting infrastructure, analytics, cross-chain tools, and compliance monitoring, Chainlink will supply the testnet with oracle services.
The debut coincides with Robinhood’s Q4 revenue of $1.28 billion, below the $1.35 billion forecast. Its adjusted EBITDA of $761 million fell short of projections as well.
Revenue increased 27% year over year despite the decline, and the company had $4.3 billion in cash at the conclusion of the quarter. As the business expands its blockchain goals, Robinhood Chain will enable self-custody capabilities, lending, perpetual futures, and tokenized assets.
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