Recently, I have been studying the development logic of cryptocurrency integration platforms, such as companies like Robinhood that have expanded from stocks to crypto. Some of my Takeaways: > The currency circle may be more of a means of drainage and growth strategy for future companies. Tokenization can attract users worldwide, especially outside the United States. > trading platforms' tradable assets are converging. Whether it's Coinbase plus stocks or Robinhood plus crypto, everyone is eventually moving towards "one super app" that can trade any asset. The following is a summary of an interview with Robinhood founder, if you are interested, you can take a look: Q1: Why does Robinhood make its own chain, and it's L2 instead of L1? A1: Vlad says it's a "landlord vs tenant" option. Building your own chain allows you to fully control the end-to-end experience (from smart contracts to sequencer mechanisms), and although some interoperability is sacrificed in the early stages, long-term developers will do cross-chain bridges, which is not much different. L2s can also leverage existing infrastructure (such as Arbitrum) without reinventing the wheel, suitable for their short- to medium-term goals. Q2: What is the long-term vision for Robinhood Chain? A2: They don't want to roll up the "Degen Chain", but want to be the best chain for Real Assets (RWAs). Robinhood's strength lies in its combination of traditional finance and crypto, which can bring stocks, derivatives, and even private equity on-chain, making these assets more accessible to users around the world, especially those outside the United States. Q3: Why tokenize the equity of private equity firms like OpenAI and SpaceX? OpenAI said it didn't agree, what do you think? A3: Vlad admits that this is new, and many leading companies have other financing channels and are unwilling to toss. But Robinhood believes that if retail investors never buy these world-changing companies, society will be divided. People may resist new technologies such as AI, but if they can hold these shares, it becomes "on the side of progress." Q4: How to solve the problem of insufficient disclosure of private equity information and greater risks for retail investors? A4: He believes that in the current private placement round, small institutions and SPVs have not done much due diligence, and they are basically "co-investing in large funds". Many retail investors know the risks and are willing to take them. The U.S. standard for qualified investors is outdated (in the pre-Internet era) and should move to a "disclosure + self-certification" model. Q5: Why are Robinhood's tokenized stocks primarily overseas? A5: Because the US regulations are too strict, retail widespread buying of tokenized equity is not allowed. But overseas, demand is great, just like stablecoins are more popular overseas than in the United States. Robinhood will launch in markets where regulation permits, and wait for U.S. rules to mature before entering. Q6: Will private equity firms oppose Robinhood's "bypass" tokenization? A6: Vlad believes that the mechanism must also work "without relying on company consent" (e.g., retokenization through SPV holdings), otherwise it is not feasible. Of course, the ideal situation is that more companies understand the value of retail and take the initiative to open up. Q7: Is Robinhood a competitor to Coinbase in the future? A7: Vlad said that Robinhood's vision has always been to be a financial super app that can host and trade all assets. Crypto already accounts for 20-30% of revenue, but in the future, the distinction between "crypto vs traditional" will become increasingly blurred, and tokenized assets are the intersection. They want to do full-stack (chain, wallet, custody) to reduce prices and improve the experience. Q8: What are your thoughts on Robinhood's three-phase development over the next 10 years? A8: Short-term: To be the best trading platform across assets. Medium: Become a financial super app for users (both wealth and payments are on Robinhood). Long-term: B2B and institutional markets (which may be larger than retail), and global expansion. Q9: What are your thoughts on the shortcomings and improvement directions of the crypto industry? A9: He believes that the connection between traditional finance and crypto is too weak. What Robinhood is doing is connecting both sides, such as stablecoins and tokenized assets. The industry still lacks enough applications to deepen the integration of crypto and the real world.