Robinhood CEO Says Cryptocurrencies Will ‘Fundamentally’ Change Finance

In a post to X (formerly Twitter), Vlad Tenev, CEO of Robinhood, said he believes cryptocurrencies will completely change the financial industry. Specifically, Tenev noted that digital assets will “fundamentally reorganize the financial system” in a statement about the industry and its growth in an ever-changing 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 “join forces with Bitstamp’s global footprint.”

Read also: How did Dogecoin react to the exit of 90 million tokens from Robinhood?

Robinhood CEO talks about the growing vitality of cryptocurrencies

Source – Coinape

There’s no denying that cryptocurrencies have been a huge talking point so far in 2024. With two cryptocurrency-based ETFs approved by the U.S. Securities and Exchange Commission (SEC), the asset class has emerged as a point of interest for a number growing number of natural persons and financial institutions.

This development affirmed the place that digital assets occupy in the grand scheme of the US economy. Furthermore, they have demonstrated their ability to challenge the status quo. Subsequently, this is a sentiment echoed by Robinhood CEO Vlad Tenev, who recently lauded the transformative power of cryptocurrencies.

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“We believe cryptocurrencies will fundamentally reorganize the financial system,” Tenev said in a recent statement. “We are acquiring [Bitstamp] to accelerate our vision.” Furthermore, he commented on the joining forces between the two companies. Specifically, she noted their creation of “core spot exchanges and industry-leading crypto products such as cryptocurrencies as a service, institutional lending and staking.”

The landmark acquisition was announced Thursday, with Robinhood purchasing the exchange for $200 billion. Furthermore, according to reports, the acquisition is expected to be finalized early next year. It showcases an expansion strategy implemented by Robinhood, rooted in its confidence in the digital assets sector.

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