About this episode
Robinhood isn’t just adding another crypto feature—it’s assembling a new exchange stack: stock tokens, an Ethereum L2 built for real-world assets, and a wallet that can plug into DeFi. Johann Kerbrat (GM of Crypto at Robinhood) joins Bankless to unpack what “24/7 markets” actually requires, why liquidity and routing are the hidden battleground for tokenized equities, and how “Certified by Robinhood” could become a distribution moat for onchain apps. Along the way, they compare Robinhood’s approach to tokenization with the NYSE’s 24/7 tokenized platform plans and Nasdaq’s tokenized securities proposal, and dig into what U.S. regulatory clarity would need to unlock stock tokens stateside. Subscribe for more on the new financial rails being built in real time.---?ROCKETPOOLhttps://bankless.cc/Rocketpool---BANKLESS SPONSOR TOOLS:?POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast?BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix?BITGET TRADFI | TRADE GOLD WITH USDThttps://bankless.cc/bitget?BANKLESS PREMIUM | AD-FREE & BONUS EPISODEShttps://bankless.cc/spotify-premium?THE DEFI REPORT | ONCHAIN INSIGHTShttps://bankless.cc/TDR-pro?ICO WATCH | UPCOMING PUBLIC TOKEN SALEShttps://bankless.cc/ico-watch---TIMESTAMPS0:00 Intro3:43 Is Robinhood Building a New Exchange?4:45 Robinhood Chain testnet: what it enables for builders9:17 What’s actually unique about this L210:44 “Certified by Robinhood” explained12:52 Mainnet timing & NYSE/Nasdaq vs Robinhood tokenization approaches16:34 Stock tokens today: EU access, U.S. questions18:16 The liquidity problem (and how routing fixes it)21:28 What tokenized equities unlock beyond trading23:23 Robinhood Wallet’s role in the stack24:57 The CLARITY Act: what matters to Robinhood30:49 Strategic bets: Talos, Bitstamp, and going institutional38:51 Lighter + perps: DeFi vs CeFi (and the U.S. CFTC wall)
