Ethereum Gains Momentum as Robinhood Chain Touts ETH as a Medium of Exchange

Tom Lee, chairman of Bitmine (BMNR), has made headlines by claiming that the recent launch of the Robinhood Chain is proof that Ethereum (ETH) is functioning as real money.

The Robinhood Chain, a Layer 2 public network built on the Arbitrum (ARB) platform, was introduced by the U.S. stock and crypto trading app Robinhood (HOOD).

Lee's analysis centers on the chain's use of ETH for transaction fees, which he believes is significant for Ethereum's long-term value proposition.

According to Lee, this functionality positions ETH not merely as a speculative asset or store of value, but as a medium of exchange. 'In this capacity, ETH is functioning as money,' he said.