Robinhood Launches Blockchain Mainnet, Eyes UK Crypto Expansion

Ronaldinho's financial arm has launched its own public blockchain mainnet and outlined plans to expand its crypto trading service in the UK.

The Layer-2 blockchain, built on Arbitrum, is called Robinhood Chain. It has been described as an AI-native network tailored for real-world asset trading.

Robinhood also plans to launch a new product called Robinhood Earn, a decentralized finance offering that allows users to lend the dollar-pegged stablecoin USDG and earn annual returns of about 7%.

The mainnet launch came after weeks of restructuring at the company, which announced plans to cut 10% of its workforce in April. The company's shares rose about 8% on the day the mainnet launch was reported.