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Popular trading app Robinhood is building a blockchain-based network that would allow retail investors in Europe to trade tokenized versions of U.S. stocks, according to a Bloomberg report citing people familiar with the matter.
The initiative is still in its early stages and comes as part of Robinhood’s broader push to expand its footprint in European markets. The company is reportedly in discussions with crypto firms Arbitrum and the Solana Foundation, both of which are vying to support the project. No agreements have been finalized, and all parties declined to comment.
Tokenization refers to the process of converting real-world assets such as equities, real estate, or commodities into digital tokens that can be traded on blockchain platforms. By moving stocks onto a decentralized ledger, brokers can sidestep traditional market infrastructure, cutting costs, speeding up transactions, and opening access to a wider range of users.
The project comes as Robinhood deepens its involvement in the crypto space. In April, the company secured a brokerage license in Lithuania, granting it regulatory access to the entire European Union. That followed its 2024 agreement to acquire cryptocurrency exchange Bitstamp, a move seen as laying the groundwork for a hybrid trading ecosystem.
“You can sit down in front of some software, create a coin and have it be trading in five minutes,” said CEO Vlad Tenev in a recent interview. “That’s a scary thing. It’s also an incredibly powerful thing if you compare it to how slow and expensive the IPO process is.”
Robinhood isn’t alone in exploring blockchain-backed finance. Wall Street firms including JPMorgan have been testing similar technology for years. JPMorgan’s Onyx platform supports tokenized dollar transfers, and Spanish bank Santander used blockchain for investor voting as early as 2018.
The brokerage recorded $46 billion in crypto trading volume for Q1, down from $70 billion in Q4 2024, but still up 28% year-over-year.
Despite the pullback, Robinhood ended 2024 with $141 billion in total crypto trading volume, reflecting strong fourth-quarter activity. In contrast, equity trading volume soared to $413 billion in Q1, an 84% increase from the same period last year.
Crypto-related revenue rose 100% year-over-year to $252 million, but fell from $358 million in the previous quarter.
While early April saw a rebound in retail interest after new U.S. tariff announcements, margin and derivatives activity remains soft across platforms.
