Vlad Tenev's crypto ambitions: He doesn't want to open another exchange, but wants to bring Wall Street to the blockchain The previous article talked about how @ vladtenev can integrate US stock trading into mobile phones. This article is about his attempt to integrate the entire Wall Street into blockchain technology. Many traditional financial bosses understand encryption in a simple way: BTC has risen, increasing trading entry points; BTC has fallen, increase risk warning. But Vlad's understanding of encryption has evolved from "selling coins" to "building roads". At Robinhood's Q1 2026 earnings conference, he made it clear that he hopes everyone will not always focus on the price of Bitcoin and other native cryptocurrency assets. What Robinhood really wants to do is to apply cryptographic infrastructure to assets with practical applications, such as stablecoins, stocks, and other real-world assets. He even used a term that is not in the cryptocurrency industry: Tokenization Supercycle - A tokenization supercycle. Translated into human language, it is: Coin price is the weather, blockchain is the road. Vlad doesn't want to guess when the next rain will come every day. He wants to build the highway, toll station, wallet, and trading hall together. Phase 1: Let retail investors buy coins at a lower price first In 2018, Robinhood Crypto was launched. At first, there were only BTC and ETH, and the playing style was still the one that Robinhood was most familiar with: Low threshold, low-cost, all day trading, bringing young users who were originally trading stocks into the cryptocurrency market. At this time, the encryption business was essentially a new section in the Robinhood App. It's like the first floor of the mall used to only sell stocks, but now there's an additional coin circle counter next to it. But the problem is also very obvious: Users can buy and sell encrypted assets, but it is difficult to truly enter the on chain world. Being able to see prices and trade does not mean being able to use blockchain. Phase 2: From 'You buy coins from me' to 'You hold the key yourself' In 2022, Robinhood announced the launch of an unmanaged Web3 wallet. Vlad said something very important at that time: Encryption is not just an asset class. This means that Robinhood's goal is no longer just to compete with Coinbase for spot trading volume. It began to attempt to allow users to hold their own private keys, connect to DApps, exchange assets, and enter DeFi. In 2023, Robinhood Wallet will be open to iOS users worldwide; In the same year, Robinhood Crypto officially entered the EU market. Robin Hood began to transform from an American Internet securities firm to a global crypto portal. Simply put: Previously, Robinhood was responsible for keeping your tickets safe; Later, it handed over the tickets and keys to you; Now, it is even preparing to build its own venue. Phase 3: Purchase Bitstamp and complete the institutional and global licenses In 2025, Robinhood completed the acquisition of Bitstamp. Bitstamp was founded in 2011 and is one of the longest running cryptocurrency exchanges in the world, with over 50 valid licenses and registrations. Its business covers the United States, United Kingdom, European Union, and Asia. It also has institutional clients, order books, trading APIs, staking, and Crypto-as-a-Service businesses. So what Robinhood bought is not just an exchange name. What it really bought is: Global licenses, institutional clients, transaction depth, backend systems, and over a decade of accumulated compliance experience. This acquisition also gave Robinhood its first truly institutional level encryption business. In 2026, Robinhood entered Canada by acquiring WonderFi and incorporating Bitbuy and Coinsquare into its territory. So Vlad's globalization strategy is not about translating apps into multiple languages. But rather, it combines regulated platforms, user entrances, and trading infrastructure one by one. Stage 4: Transforming Stocks into Tokens Vlad's greatest interest in encryption may not even be 'what the next hundredfold coin is'. The question he really wants to answer is: Since encrypted assets can be transferred 24/7, why are stocks still segmented by trading time, settlement cycle, and national borders? In 2025, Robinhood first launched stocks and ETF tokens in Europe, and then announced its Layer 2 plan. Vlad stated at the time that these products were laying the foundation for "encryption to become the bottom layer of the global financial system". In 2026, the Robinhood Chain public mainnet will be officially launched. This is a Layer 2 based on the Arbitrarum technology stack, compatible with EVM: The main network Chain ID is 4663, using ETH to pay for gas, with a focus on financial services and real-world assets. Infrastructure such as Uniswap, Chainlink, Alchemy, BitGo, and Morpho have also been integrated. At the same time, the new generation of Robinhood Stock Tokens is now available to eligible users in over 120 countries and regions through Robinhood Wallet. These assets can not only be traded around the clock, but also enter lending pools, serve as collateral, and connect to different DEX. This is the true meaning of Vlad's statement that 'encryption has become the foundation of the global financial system': It's not a requirement for the whole world to first learn mnemonics, cross chain bridges, and slide point settings, and then wear sunglasses and shout WAGMI. But let the stocks ETF、 The US dollar and other financial assets are gradually acquiring the transferability, all-weather trading capability, and on chain composability of encrypted assets. Stage 5: Bring AI agents to the trading table as well Robinhood is still integrating AI agents into stock, options, and cryptocurrency trading. Users can allocate funds, set permissions and security boundaries for AI, and then allow it to continuously analyze data and execute strategies. This means that Vlad's imagined future may be: Humans are responsible for setting goals, AI is responsible for finding opportunities, and blockchain is responsible for assets and settlements. The business hours of traditional securities firms are from Monday to Friday. However, both AI and blockchain clearly do not have the concept of 'off-duty'. Connect these actions together, and the complete layout of Vlad will appear Robinhood App， Responsible for user access; Bitstamp， Responsible for global transactions and institutional clients; WonderFi， Responsible for the Canadian market; Robinhood Wallet， Responsible for self hosting and on chain interaction; Stock Tokens， Responsible for tokenizing traditional assets; Robinhood Chain， Responsible for carrying transactions, lending, and on chain applications; AI Agent， Responsible for the next generation of automated operations. This is no longer simply 'adding a little bit of encryption business'. Robinhood is trying to integrate users, asset issuance, centralized trading, self managed wallets DeFi、 Integrating blockchain settlement and AI operations into the same financial ecosystem. As of the second quarter of 2026, Robinhood has 28.4 million funding clients and $369 billion in platform assets. So Robinhood Chain is worth paying attention to, not because there is another Layer 2 on the market. But it is because behind this chain stands a listed securities firm with nearly 30 million customers, as well as an already integrated exchange, wallet, license, and asset issuance system. From encrypted trading portals in 2018 to non custodial wallets Bitstamp、 From stock tokens to today's Robinhood Chain, Vlad's path is actually becoming increasingly clear: He is not satisfied with allowing users to buy coins in Robinhood, but hopes that in the future, stocks, dollars, and other financial assets can flow freely through encrypted infrastructure. My judgment Vlad is not a typical Bitcoin extremist, nor is he like an exchange owner who only pursues hot topics. From his public statements and product roadmap, he seems more like a 'crypto infrastructure faction'. He is not betting on a single coin. He is betting that in the future, more and more assets will become forms that can be issued, traded, pledged, and combined on the chain. Robinhood is responsible for front-end user experience, blockchain is responsible for back-end asset circulation, and AI is responsible for next-generation transaction operations. If this route is successful, Robinhood Chain will not just be an "L2 issued by securities firms". It may become the on chain foundation of Robinhood's global financial ecosystem. What the cryptocurrency industry excels at the most is: First have Ticker, then look for products; First create a group, then write a white paper; First call for ecology, then ask what exactly is in ecology. And Vlad's situation is exactly the opposite: He first pieced together securities firms, exchanges, wallets, licenses, stock tokens, and blockchain, and then asked—— If all assets can become tokens in the future, can Robinhood become the biggest gateway? This is where Robinhood Chain is truly worth paying attention to recently.