These Recent Moves Are Brilliant. Here's Why Robinhood Is the Most Important Player in Crypto Right Now.
Robinhood appears to be rapidly stealing market share from one of the crypto sector's entrenched competitors.
Overview
Robinhood Markets (NASDAQ: HOOD) is arguably the most important player in crypto. It's all thanks to its newly launched blockchain, the Robinhood Chain, which now rivals some of the largest blockchains in several key areas, specifically in its sums and trading volume of tokenized stocks.
One of the incumbents in that space, Binance, is the crypto exchange behind the BNB Chain and its BNB (CRYPTO: BNB) coin. A Binance Research report found that BNB Chain and Robinhood Chain together handled around 88.2% of tokenized stock trading on decentralized exchanges in early September, up from just 2.3% in June.
Details
Robinhood is likely to steal from BNB's market share, not to mention the market share of other crypto-native networks that host tokenized assets. Given its massive pool of more than 28 million users thanks to its highly popular stock trading app, it's already positioned to become the company to beat in crypto. Here's how it's shaking up the competitive landscape in crypto, and how to think about whether its stock is worth buying.
Source
Originally published at www.fool.com.