Everything is traceable. Robinhood's idea of tokenizing U.S. stocks is not a sudden whim. In January of this year, company CEO Vlad Tenev criticized the current U.S. regulations, believing that the United States has not yet provided a clear framework and rules for security token registration, which hinders the promotion of tokenized products. In a podcast in March, Tenev said very directly: "Now if you are overseas, it is very difficult to invest in an American company." This also hits the pain points of most investors who pay attention to U.S. stock trends but are not physically in the United States. They urgently need a smoother way to trade U.S. stocks. At the same time, Tenev also said at the time that he was considering tokenizing securities, and pointed out that this would be part of a broader push to integrate digital assets into the financial system. Looking at it now, there are signs of paving the way. Currently, Robinhood's customers in the EU can only trade Cryptocurrencies, and the company obtained a brokerage license in Lithuania last month, allowing it to provide investment services such as stock trading in the EU. In addition, Robinhood also signed an agreement to acquire Cryptocurrency exchange Bitstamp in June last year. After the transaction is completed, Robinhood will be able to use Bitstamp's MiFID multilateral trading facility (MiFID) license to provide crypto-related derivatives. With the license obtained and regulations complied with, the next step is to consider which chain to choose at the implementation level. Why might it be Arbitrum? From a technical point of view, Arbitrum is a fully EVM-compatible Layer 2 solution, which means that Robinhood can seamlessly migrate its existing Ethereum smart contracts and development tools without significantly modifying its technology stack. EVM compatibility can be said to be the key for large financial technology companies such as Robinhood to quickly get on the chain. If they can take advantage of Ethereum's extensive developer community and existing infrastructure, who would put it aside? Furthermore, Arbitrum's Optimistic Rollup technology also strikes a balance between transaction confirmation time and cost; in contrast, ZK Rollup costs more and transaction confirmation time is relatively slower; Robinhood, as a platform that needs to handle large-scale user transactions, is more likely to prioritize Arbitrum's mature technology and lower development threshold. On the other hand, from a business perspective, this choice also avoids Coinbase. Base is a Layer 2 launched by Coinbase. It also uses the OP technology stack, but obviously because Roobinhood competes with Coinbase in its main business, it is unlikely to directly run the U.S. stock tokenization business on Base. Arbitrum provides the option of customizing Layer 2 chains (Arbitrum Chains), which allows Robinhood to differentiate itself from Base. One piece of information you may have overlooked is that Robinhood and Arbitrum actually have cooperation experience. As early as ETHDenver in 2024, Robinhood officially announced its cooperation with Arbitrum to simplify the process for users to access Arbitrum through Robinhood Wallet. This shows that the two parties already have a foundation for technical integration and strategic alliance. Robinhood may choose to continue this cooperation and use Arbitrum's existing technical support and brand effect to further expand its business.

Imitate Base, differentiate from Base. Although the news that Robinhood is building its own Layer 2 using Arbitrum has not been officially confirmed, it has already aroused widespread discussion in the crypto community. The most critical voice is that this gameplay is a simple imitation of Base. Base was launched by Coinbase and adopts an open strategy, inviting external developers to build DApps, thereby expanding the ecosystem and attracting users and assets. The success of Base is partly due to this open ecosystem (such as Aerodrome, Uniswap and other projects migrating or building on it). If Robinhood also builds a Layer 2 based on Arbitrum, opens it to external developers to expand the ecosystem, and runs more real-world asset on-chain use cases, although the technology stack is different, this is already highly similar to Base's business strategy. In terms of perception, the key to easily creating this "imitation" impression is the lag. Don't forget that Coinbase launched Base as early as the end of 2023, and Robinhood is only now announcing its Arbitrum L2 plan. This time difference makes Robinhood's actions look like a "follow-the-trend" reaction to Base's success, rather than an original strategy. In the traditional business field, financial technology companies usually tend to copy proven models, which is indeed a safer strategy; but imitating Base means that Robinhood will directly compete with Coinbase, and Coinbase has already established a first-mover advantage through Base. If Robinhood wants to overtake on a curve, it needs to invest more resources and effort. Token Terminal, a well-known data platform, has also pointed out a "clear path" for Roobinhood, the core of which is to amplify its advantages as an Internet brokerage and take a "closed ecosystem" route that is the opposite of Base: Do not invite external application developers to join its Layer 2, migrate all of Robinhood's existing financial products (such as trading or investment tools), assets and users to the chain, and allow users to operate directly on the chain, rather than relying on traditional centralized systems. This idea is more Crypto Native, and it combines Robinhood's existing customer base with pure on-chain gameplay, but a more radical approach also means greater resistance, and Robinhood may not follow this path. If we jump out of Robinhood to observe the entire Ethereum ecosystem, there is also a voice that this will make the split of Ethereum Layer 2 more serious. Ethereum L1 has already lost a lot of initiative in the current ecological situation where Layer 2 is everywhere. Whether the performance is good or not is secondary. More importantly, it is completely marginalized and piped. It is easy to make a Layer 2 dedicated to a specific task, but it is difficult to revive Ethereum's glory. What will Robinhood ultimately choose? We may get the answer after today's ETHcc. [深潮 TechFlow]
Next news:On June 30, according to Kazinform, the Chairman of the National Bank of Kazakhstan, Timur Suleimenov, stated that Kazakhstan will establish a national Cryptocurrency asset reserve. The National Bank is deeply studying the concept of forming and managing a national crypto reserve, including developing a crypto reserve on the basis of the National Bank's subsidiaries. Kazakhstan plans to follow international best practices in sovereign wealth fund management to ensure transparent accounting and storage of crypto assets, as well as transparency and security in the management of crypto reserves. It is reported that confiscated crypto assets and proceeds from national participation in crypto mining will become the source of this reserve. Considering the volatility and risks of crypto asset storage, a centralized management body will be the main guarantee for ensuring the security of national crypto assets. The specific mechanism for the construction of the national crypto reserve will be further developed with law enforcement and relevant national agencies. [深潮 TechFlow]
Next news:On June 30, according to on-chain analyst Ai (@ai 9684xtpa), a whale investor has cumulatively withdrawn 4,026.47 ETH (approximately $10.46 million) from Binance since June 10, with an average withdrawal price of $2,598. The investor appeared to sell 2,000 ETH four hours ago, worth $4.87 million, and the selling point coincided with the starting point of this morning's ETH rally. This sale resulted in a loss of $324,000.00, and the remaining 2,026 ETH are still at a floating loss of $178,000.00. [深潮 TechFlow]
Next news:According to Onchain Lens monitoring, whale AguilaTrades has closed a 20x leveraged long position on BTC, profiting $160,000. [ChainCatcher]
Next news:On June 30th, Robinhood's official X account posted that Robinhood EU has launched the world's first non-public company stock tokens, including tokens for OpenAI and SpaceX. Eligible Robinhood European users can now claim these tokens within the app, with the claim deadline being July 7th. [深潮 TechFlow]
Next news:The XRP Ledger, a blockchain associated with cross-border payments firm Ripple, has launched its EVM sidechain on mainnet, enabling developers to build, port, and deploy cross-chain Ethereum-compatible applications within its ecosystem.

The XRPL EVM Sidechain, a parallel-running blockchain, integrates the XRP Ledger's low-cost transaction capabilities with Ethereum's smart contract functionality, opening the door to new classes of decentralized apps — including lending, tokenization, and payments — on infrastructure optimized for speed, security, and scale, according to a statement shared with The Block.

"The XRPL EVM Sidechain introduces a flexible environment for developers to deploy EVM-based applications, while maintaining a connection to the XRPL's efficiency," Ripple CTO and co-creator of the XRP Ledger, David Schwartz, said. "It extends the capabilities of the ecosystem without changing the fundamentals that make the XRPL reliable."

The XRPL EVM Sidechain was developed through a collaborative effort by Ripple, Peersyst, and Axelar — leveraging Evmos' software stack. While the XRP Ledger already supported limited native smart contract programmability, it did not previously support the EVM. However, Flare Network, which integrates with XRPL, also separately provides smart contract functionality using an EVM-compatible layer.

"With the launch of XRPL EVM, we're unlocking a new era for XRP — one where it can flow seamlessly across the multichain world," Peersyst founder and CEO Ferran Prat said. "This isn’t the finish line; it’s Day 1 of a much bigger journey toward interoperability, programmability, and utility at scale."

The sidechain connects to the XRPL mainnet via Axelar as the exclusive bridge for transferring assets such as wrapped XRP, which will serve as the native gas token. Axelar also connects to over 80 other blockchain networks.

"Crypto is entering an exciting phase as institutions and enterprises are pursuing compelling new use cases," Axelar co-founder Georgios Vlachos said. "The XRP Ledger EVM Sidechain is positioned to capture this rising demand and Axelar is the secure, institutional-grade connector that will make it possible."

The XRPL EVM claims to have already attracted DeFi projects, including Band Protocol, Grove, and Squid, with tooling provided by Blockscout and Goldsky and apps like Strobe, Securd, and Vertex to follow. The sidechain is also set to integrate Wormhole, a leading cross-chain interoperability protocol that connects over 200 applications across more than 35 blockchain networks.
Next news:Aptos Labs has announced that its co-founder and CEO, Avery Ching, has been appointed by the United States Commodity Futures Trading Commission (CFTC) as a member of the Digital Asset Markets Subcommittee under the "Global Markets Advisory Committee." This group brings together experts from institutions such as Citadel and BlackRock to provide advice on digital asset policy. Avery previously served as the technical lead for Meta's crypto platform, leading blockchain development and other initiatives.
Next news:The U.S. Supreme Court has rejected a request to protect Coinbase user data from being seized by the IRS. [Foresight News]
Next news:BitMine Announces Pricing and Signs Private Placement Agreement to Purchase and Sell 55,555,556 Shares of Common Stock (or Common Stock Equivalents in Lieu Thereof) at $4.50 per Share, with Expected Gross Proceeds of Approximately $250.0 Million, Less Placement Agent Fees and Other Issuance Expenses (Funded with a Combination of Cash and Cryptocurrency) to Implement Ethereum Financial Strategy. [Foresight News]
Next news:According to the official announcement on June 30, users with a Binance Alpha score of 208 or higher can participate in the NodeOps TGE event through the Alpha activity page. Participating in this event will consume 15 points. Subscription time: 4 PM to 6 PM (UTC+8) on June 30, 2025. [深潮 TechFlow]

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.