Robinhood's Plan to Bring Global Finance Onchain | Johann Kerbrat
What happens when Robinhood turns crypto from a trading feature into the backbone of its global financial platform?
This week, Robinhood's GM of Crypto, Johann Kerbrat, explains how Robinhood Chain connects DeFi, tokenized assets, and mainstream users.
We explore global access, permissionless development, strategic partnerships, token economics, and whether equities and crypto eventually converge. Enjoy!
TIMESTAMPS:
00:00 Intro
00:59 Robinhood’s Onchain Vision
04:46 Will Robinhood Move Fully Onchain?
11:07 Inside Robinhood Chain’s Explosive Launch
14:33 Building The Chain For Adoption
16:15 Ads (peaq)
17:00 Building Robinhood’s DeFi Stack
21:20 Why DeFi Partners Stay Independent
26:58 Tokenized Equities Go Global
30:38 Robinhood’s Crypto Growth Strategy
34:52 Competition And Financial Convergence
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EVENTS
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DISCLAIMER
Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
Why Robinhood Chain Saw Memecoins Take Off Before Real World Assets
Two weeks after launch, 85% of Robinhood Chain's trading is memecoins and just 1% is RWAs. Johann Kerbrat says that doesn’t change the strategy.
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Robinhood CEO Vlad Tenev told CNBC on July 2 that real-world assets, not memecoins, were the future of crypto on Robinhood Chain. Two weeks after launch, the numbers disagree: roughly 85% of daily trading on the chain is memecoins, while tokenized RWAs sit at about 1%.
Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, joins Laura Shin to argue the split is not a problem. He makes the case that building the chain permissionless was deliberate, and that memecoin trading through CashCat and PumpFun brings the liquidity RWAs will eventually need.
Kerbrat also defends building the chain's lending and margin system on USDG over USDC or Tether, walks through the separate, unshared liquidity instance behind Robinhood's new perps product with Lighter, and addresses Robinhood's 63% quarterly drop in crypto transaction revenue. His answer: Robinhood Chain was never meant to smooth out that swing, and the real test is whether tokenization can outrun regulation.
Host:
Laura Shin, Host / Unchained
Guests:
Johann Kerbrat - Vice President and General Manager of Robinhood Crypto
Timestamps
🐸 01:06 Why memecoins are 85% of Robinhood Chain's DEX volume, not RWAs
🚀 05:35 Why PumpFun listing Robinhood Chain tokens was the result of their strategy
🔐 09:33 Where Robinhood's responsibility ends and the permissionless chain begins
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⚡ 16:17 Why Robinhood built a separate Lighter instance for its perps
💵 20:24 Why USDG, not USDC or Tether, backs Robinhood Chain's lending and margin
📉 23:23 Does the chain mitigate the 63% swing crypto can have on Robinhood's earnings?
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The Rise of Robinhood Chain: Tokenized Stocks, Perps, and 27M Users | Johann Kerbrat
Robinhood Chain is live, and it may be one of the clearest signs yet that traditional finance is moving onto Ethereum rails. Johann Kerbrat, VP of Crypto at Robinhood, joins David to unpack the launch of tokenized stocks, USDG yield through Morpho, regulated and crypto-native perps, the Lighter integration, and why Robinhood Wallet is being built for the billions of people who have never used crypto before.
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TIMESTAMPS
0:00 Intro
1:45 Robinhood Chain Goes Live
2:45 Robinhood’s 15-Product Crypto Push
5:47 Tokenized Stocks on Robinhood Chain
11:32 USDG Yield and Robinhood Earn
16:19 Perps Across Robinhood, Bitstamp, and Lighter
19:44 The Lighter Partnership
23:12 Will Robinhood and DeFi Converge?
27:15 Why Robinhood Chose Arbitrum
28:40 Building Crypto for Non-Crypto Users
31:36 How to Get Started on Robinhood Chain
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RESOURCES
Johann Kerbrat
https://x.com/JohannKerbrat
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Robinhood’s Crypto Head Johann Kerbrat on Why Public Blockchains Will Win
Robinhood is opening the testnet for its Arbitrum-based Ethereum Layer 2. In this episode, we sit down with the fintech’s head of crypto, Johann Kerbrat, to discuss the strategic move to build on Ethereum. He believes institutions can get the privacy and compliance guarantees they need on public chains like Ethereum, so building on private chains doesn’t make sense as they are just a “fancy database.” Kerbrat says he sees a future where most financial infrastructure and assets transact on public blockchains. Topics:Robinhood Layer 2 LaunchTokenized Stocks & Real-World AssetsThe "Adapt or Die" moment for BanksSelf-Custody vs. Platform Safety
Robinhood Chain Takes on NYSE/Nasdaq | Robinhood Crypto GM Johann Kerbrat
Robinhood isn’t just adding another crypto feature—it’s assembling a new exchange stack: stock tokens, an Ethereum L2 built for real-world assets, and a wallet that can plug into DeFi. Johann Kerbrat (GM of Crypto at Robinhood) joins Bankless to unpack what “24/7 markets” actually requires, why liquidity and routing are the hidden battleground for tokenized equities, and how “Certified by Robinhood” could become a distribution moat for onchain apps. Along the way, they compare Robinhood’s approach to tokenization with the NYSE’s 24/7 tokenized platform plans and Nasdaq’s tokenized securities proposal, and dig into what U.S. regulatory clarity would need to unlock stock tokens stateside. Subscribe for more on the new financial rails being built in real time.
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TIMESTAMPS
0:00 Intro
3:43 Is Robinhood Building a New Exchange?
4:45 Robinhood Chain testnet: what it enables for builders
9:17 What’s actually unique about this L2
10:44 “Certified by Robinhood” explained
12:52 Mainnet timing & NYSE/Nasdaq vs Robinhood tokenization approaches
16:34 Stock tokens today: EU access, U.S. questions
18:16 The liquidity problem (and how routing fixes it)
21:28 What tokenized equities unlock beyond trading
23:23 Robinhood Wallet’s role in the stack
24:57 The CLARITY Act: what matters to Robinhood
30:49 Strategic bets: Talos, Bitstamp, and going institutional
38:51 Lighter + perps: DeFi vs CeFi (and the U.S. CFTC wall)
43:21 What’s next: “one ecosystem” + prediction markets
45:13 Builder call-to-action
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RESOURCES
Johann Kerbrat
https://x.com/JohannKerbrat
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Inside Robinhood's Big Super App Plan: ‘There's Still a Lot of Work to Be Done’ - Ep. 983
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
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Robinhood is moving toward offering a full suite of crypto services and overhauling the infrastructure underpinning its stock trading services with blockchain technology.
In this episode of Unchained, Robinhood Crypto Senior Vice President and General Manager Johann Kerbrat discusses the company's “super app ambitions” and potential competition with Coinbase.
He also discusses the platform's entry into prediction markets and resistance from state regulators. Could state opposition to prediction markets drive businesses offshore?
Plus, will tokenized stocks make IPOs redundant? And where are we in the crypto market?
Guest:
Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto
Links:
Previous appearances on Unchained:
Why Robinhood, a TradFi Hub, Is Growing Its Crypto Business Globally
Unchained:
Robinhood Is Building Its Own Layer 2 Blockchain
Perps Are Coming to America. Will Coinbase and Robinhood Win the Race?
OpenAI Says Robinhood’s Stock Tokens Are Not Equity
Coinbase Expands Into Tokenized Stocks and Prediction Markets
Coinbase Launches Digital Token Sales Platform
Coinbase Buys Cobie’s ‘Up Only’ NFT and Echo in $375 Million Deal
Timestamps:
🚀 00:00 Introduction
🤔 1:33 What drove Robinhood's 3x year-on-year crypto revenue growth in Q3?
💡 5:34 Why Johann says we are still far from a bear market
💥 7:49 How the crypto users on Robinhood have evolved overtime
⚔️ 11:08 How Robinhood views competition from Coinbase
🧏 14:30 What Robinhood's Susquehanna deal for prediction markets brings to the table
👀 18:48 Could state opposition to prediction markets drive businesses offshore?
💡 20:34 Why Robinhood chose Ethereum over Solana
🤔 25:19 When will Robinhood bring perps to other jurisdictions?
📍 27:00 Why Robinhood chose to invest in Lighter over the competition
⚠️ 29:17 Why Johann says the crypto industry needs to build resilience after 10/10
📈 33:50 How Robinhood's tokenized stock offering might come to the US
💥 39:16 Why Johann says private companies would eventually seek retail participation
💡 43:26 What tokenization of physical assets would look like
💫 47:12 How tokenization could impact the financial lives of users
🚨 49:18 Why Johann thinks crypto founders should talk less about the protocol
🧏♂️ 51:19 How Robinhood is looking to combine with DeFi
🤔 53:03 Will Robinhood follow Coinbase to launch an ICO platform?
⚡️ 54:22 Why Robinhood is expanding to Indonesia
🗣 56:28 What being a “super app” means for Robinhood
🔮 58:11 Johann reveals his crypto predictions for 2026
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Robinhood Announces Tokenized Stocks! LIVE with CEO Vlad Tenev, Johann Kerbrat, and AJ Warner
In this series of three interviews from Cannes, we host Vlad Tenev, CEO of Robinhood, Johann Kerbrat, GM of Crypto at Robinhood, and AJ Warner from Arbitrum to explore key announcements from their recent Token Summit. They discuss the introduction of tokenized stock options for private companies like SpaceX and OpenAI, aiming to democratize access for retail investors.
Vlad highlights Robinhood’s commitment to addressing investment inequities, while Johann shares insights on the technological challenges and their Layer 2 blockchain initiative facilitating 24/7 trading. They also navigate the regulatory landscape with the SEC and CFTC, envisioning a future where private shares become accessible and entrepreneurial capital raising is enhanced. The conversation wraps up with plans to improve user experience for new financial products in Robinhood’s evolving crypto offerings.
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TIMESTAMPS
0:00 Interview with Vlad Tenev
21:00 Interview with Johann Kerbrat
37:30 Interview with AJ Warner
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RESOURCES
Vlad Tenev
https://x.com/vladtenev
Vlad’s Washington Post Op-Ed
https://www.washingtonpost.com/opinions/2025/01/28/investing-crypto-tech-robinhood-stock-market/
Johann Kerbrat
https://x.com/johannkerbrat
AJ Warner
https://x.com/ajwarner90
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Robinhood Crypto's Roadmap: Johann Kerbrat on Expansion, Staking, and Blockchain Integration
Johann Kerbrat is the Vice President and General Manager of Robinhood Crypto, leading the charge in bringing crypto to millions of retail investors. In this episode, Johann shares the journey of Robinhood Crypto, from its early days of launching in 2018 to its recent innovations, including staking, self-custody wallets, and a potential shift towards a full-fledged crypto exchange. He discusses how Robinhood is leveraging blockchain to enhance efficiency, lower costs, and expand access to financial instruments.
Chapters
00:00 - Introduction
00:14 - History of Robinhood Crypto
01:23 - Why Robinhood Added Crypto
02:42 - Robinhood's Perspective on Crypto
07:12 - How Robinhood Monetizes Crypto
12:31 - Competing with Crypto Exchanges
14:22 - Token Listing Strategy
16:53 - Balancing Features and Asset Expansion
18:17 - Staking in the EU and Regulatory Concerns
21:22 - Staking Demand and Customer Education
24:08 - Robinhood Wallet Features
27:23 - Self-Custody Wallet Metrics
28:49 - Meme Stock Frenzy and Decentralized Trading
31:42 - Blockchain for Settlement and Efficiency
39:08 - Marketplace vs. Exchange Transition
41:49 - Upcoming Milestones for Robinhood Crypto
43:19 - Market Trends and Future Vision
44:49 - Long-Term Vision for Robinhood Crypto
46:00 - Closing Remarks
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Why Robinhood, a TradFi Hub, Is Growing Its Crypto Business Globally - Ep. 658
Robinhood has been in the spotlight for its $200 million acquisition of European crypto exchange Bitstamp. The TradFi app’s venture into crypto is paying off: its recent earnings showed that revenue is growing substantially, and the Bitstamp acquisition is just one way the company will grow the pie.
Johann Kerbrat, general manager of Robinhood Crypto, came on the show to discuss the acquisition, Robinhood's plans for expanding its crypto business internationally and into the institutional market, the company's approach to listing crypto assets, how regulation has affected its business decisions, and its efforts to bridge traditional finance and decentralized finance.
Show highlights:
02:14 How the acquisition of Bitstamp will reshape Robinhood
08:51 Whether Robinhood could list more coins and whether it’s considering more acquisitions
11:54 Whether the U.S.’s unclear crypto regulation influenced the decision to acquire Bitstamp and which other jurisdictions, besides the EU, Robinhood Crypto is eyeing
17:46 Why Johann was disappointed by the Wells notice Robinhood received from the SEC
20:47 Johann’s U.S. crypto regulation wish list and why Robinhood supports the FIT21 bill
24:09 Why Robinhood delisted ADA, MATIC, and SOL, and the process for listing or delisting a coin on the platform
29:49 Johann’s background in crypto and trajectory at Robinhood Crypto
31:35 How Robinhood is uniquely poised to help bring real-world assets and securities on-chain, and how it will handle offerings for institutional investors
37:48 The impact and importance of the introduction of spot bitcoin ETFs
44:26 Why Robinhood decided to offer staking, but only for Solana, not Ethereum
46:11 Whether there’s demand for crypto-native features in the Robinhood platform
48:26 Robinhood’s collaboration with Arbitrum and whether the company might build their own Layer 2
54:29 Johann’s take on the memecoin mania and whether Robinhood could list them
59:26 What Johann thinks about the political fight around crypto in the U.S.
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
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Guest:
Johann Kerbrat, general manager of Robinhood Crypto
Links
Acquisition of Bitstamp:
Unchained: Q&A With Robinhood Crypto General Manager: Why the Crypto Giant Went to the EU
Fortune: Robinhood defies the SEC by forking over $200 million for a crypto exchange
DL News: Robinhood crypto head says Bitstamp will help lure wealthy investors
Robinhood’s crypto business:
Bloomberg: Robinhood (HOOD) Profit Beats Estimates as Crypto Revenue Surges
Robinhood Reports First Quarter 2024 Results
Regulatory actions:
Reuters: Robinhood Crypto gets Wells notice from US SEC
Robinhood Crypto Launches Staking in Europe with Localized Apps to Follow
Memecoin mania
Unchained:
Celebrity Tokens Continue to Bleed With Some Memecoin Traders Losing Six-Figures
Why Memecoins Have Been 2024's Most Profitable Crypto Trade: Ansem and Kelxyz
Ether ETFs:
Unchained:
Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH?
Why the SEC May Not Be Done in Its Legal Battles Over Ethereum
Kerbrat’s statement on ETFs
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Robinhood's Big Bet on Crypto: Crypto GM Johann Kerbrat Explains
Johann Kerbrat is the Crypto General Manager at Robinhood, one of the largest exchanges in the world. In today's episode will delve into his journey with Robinhood Crypto. His thoughts on the future of the industry and the groundbreaking work they are doing to democratize finance for all. They have launched a lot of products recently, including a self custodial wallet, staking, Web3 games and more. Before we dive into this, Johann tells us about his background and responsibilities at Robinhood Crypto.
0:00 Intro
0:42 Johann Kerbrat
1:21 Robinhood
1:52 Entering Crypto
2:59 Robinhood Products
4:16 Feedback
6:00 Web3
8:39 Fees
9:46 Crypto Exchanges
11:00 Regulation
14:55 Tokens
16:21 Self Custody Wallet
17:46 DeFi
18:35 Staking
19:48 What's Next?
21:00 Robinhood Chain
21:54 Tokens
24:13 Tokenization
25:33 How Are You Defiant?
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