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Citadel & Robinhood Bet Big on New Finance Blockchain

Citadel and Cathie Wood are backing Zero, a new blockchain designed to meet the needs of Wall Street, while Robinhood launched a developers version of its custom-built blockchain, Robinhood Chain, to expand its crypto services, according to reports from Fortune. These developments highlight ongoing innovation and competition in the AI and crypto sectors.

LayerZero, a crypto company backed by Andreessen Horowitz and Sequoia, announced the proposed solution, Zero, on Tuesday, according to Fortune. The new blockchain aims to address the challenges of scaling blockchain technology for traditional finance entities like the New York Stock Exchange. Big banks and trading firms are seeking assurances that their sensitive client data does not appear on public ledgers.

Simultaneously, Robinhood launched the developers version of the Robinhood Chain testnet, as reported by multiple sources. This move is intended to expand the company's crypto-based financial services. xAI is also planning ambitious lunar manufacturing to gain a computing advantage, according to Fortune.

These developments come amidst a dynamic landscape in the financial and technological sectors. OpenAI is enhancing ChatGPT with a document viewer, while other news covers topics like the Epstein file, French initiatives, and AI ethics discussions, showcasing ongoing innovation and competition in the AI and crypto sectors, according to Fortune and Variety.

In other news, Red Lobster is undergoing significant changes. Damola Adamolekun, the seafood chain's CEO, said that shrinking the restaurants footprint and slimming down menus will be key to the company's success, according to Fortune. Adamolekun, who also helped usher in a recovery for Asian-fusion chain P.F. Changs, aims to lead what he calls "the greatest comeback in the history of the restaurant industry."

AI-Assisted Journalism

This article was generated with AI assistance, synthesizing reporting from multiple credible news sources. Our editorial team reviews AI-generated content for accuracy.

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