Robinhood CEO Vlad Tenev says crypto and artificial intelligence are the two major technologies driving changes in financial services.
In a new interview with Patrick O’Shaughnessy on the Colossus podcast, Tenev says that Robinhood has ambitions to play a role in the merging of AI and wealth management.
[adinserter block="1"]“I think there’s two big technology trends that could affect financial services. One is crypto, the other is AI. And Robinhood will be a leader in both. I mean we’re already a leader in crypto, and we’re making lots and lots of investments to make sure we’re the leader in AI.
I don’t think the competition is particularly formidable, but I also think that’s not an excuse to get complacent, so yes, I do think we’re going to be doing a lot. And we also, just recently, announced an acquisition of Pluto, which – it’s basically an AI-based investment research product, so you can put in information about companies and investments.”
Tenev says that an oversupply of tokens and memecoins may be distracting people from the underlying potential of crypto technology.
Looking more closely at the technology, the CEO says that crypto offers the “very disruptive” ability for startups to issue tokens upon their formation and raise capital or offer incentives in more efficient ways.
Tenev is also optimistic about stablecoins and their potential to drastically lower the cost of business for many products and services.
“Look at the dollar, stablecoin analogy, we see the efficiency gains of using crypto infrastructure because we have a crypto business and a traditional brokerage business. The cost of offering those services is dramatically lower on the crypto side.
I think it’s very, very likely that when we move off of mainframes and onto blockchains and there’s an efficiency benefit outside of all of these things that I’ve mentioned, I think it’s inevitable, and Robinhood can help drive that, both on the product and technology side and the policy side because we want the U.S. to be a leader here and for us to benefit from all this technology and that – clutch our pearls because we are the market leader already in traditional finance.”
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
