Robinhood Markets Inc (NASDAQ:HOOD) shares jumped almost 12% after the trading platform expanded its crypto and stock trading offerings in the European Union.
The company has launched tokenized US stocks and ETFs for EU users, allowing commission-free trading of more than 200 major US stocks, accessible 24 hours a day, five days a week.
The company highlighted that with tokenized stocks, its European app transitions from being a crypto-only app to an all-in-one investment app powered by crypto.
“Our latest offerings lay the groundwork for crypto to become the backbone of the global financial system,” Robinhood CEO Vlad Tenev said in a statement.
Johann Kerbrat, Robinhood Crypto general manager, added: “We’re onboarding the world to crypto by making it as easy to use as possible—with the goal of bringing powerful tools into one intuitive platform.”
The stock tokens will initially be listed on Aribtrum. In the future, Robinhood intends to facilitate tokenized stocks leveraging its own Layer 2 blockchain based on Arbitrum.
Shares of Robinhood traded hands up 11.8% at about $93 on Monday afternoon.