Robinhood and Citadel are making significant moves in the blockchain space, with Robinhood launching its own developer-focused blockchain and Citadel backing a new blockchain designed for traditional finance. These developments come as the industry grapples with scaling blockchain technology to meet the demands of Wall Street.
Robinhood announced the launch of a developer version of its custom-built blockchain, Robinhood Chain, on Tuesday evening at the Consensus event in Hong Kong, according to Fortune. The move is part of the company's broader push into crypto-based financial services, including tokenized versions of popular stocks. The chain is currently in the testnet phase, allowing a limited number of partners to test its infrastructure. The mainnet version, which will process customer transactions, is expected to go live in the coming months.
Simultaneously, the crypto industry is facing the challenge of scaling blockchain technology to handle the massive volume of traditional finance entities, such as the New York Stock Exchange, as reported by Fortune. LayerZero, a crypto company backed by Andreessen Horowitz and Sequoia, announced a proposed solution: a new blockchain called Zero, designed to meet the needs of Wall Street. This blockchain aims to address concerns about data privacy for sensitive client information.
The technology and finance sectors are experiencing rapid innovation, with xAI planning lunar manufacturing, as noted by Fortune. These developments highlight the ongoing evolution of the financial landscape.
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