Robinhood sees a lot of potential in NFTs
The most popular commission-free trading app is still hesitant to add more cryptocurrencies, says one of its executives
Aparna Chennapragada, Robin Hood product manager, said she was “fascinated” by non-fungible tokens, in a recent interview with The edge.
She says there is “a lot of potential” when it comes to NFTs, citing Axie Infinity, a blockchain-based NFT game, as an example of a successful project fueled by new technology.
The exec didn’t mention the specific role the technology could play in the Robinhood ecosystem, adding that some of the use cases for NFTs could be outlandish.
Still, she doesn’t necessarily believe Robinhood could be part of the Web3 ecosystem, seemingly dismissing the new buzzword.
Robinhood currently offers seven cryptocurrencies. While addressing Robinhood’s reluctance to list new tokens, she said new assets can be both popular with customers and safe from a regulatory perspective. A campaign lasting several months to obtain shiba inus listed on Robinhood has not seen much success as the company continues to stick to its conservative listing policy.
Chennapragada, who describes herself as a “cryptomist”, says cryptocurrency makes “a lot of sense” as an asset class. She also likes the idea of ”embedded crypto”.
Asked about the volatility of the asset class, she replied that more education is needed to mitigate this problem.
Robinhood crypto officials are also actively working to address the power consumption issue related to Bitcoin and other cryptocurrencies, trying to avoid “unintended negative consequences”.
The company is also continuously working with regulators to determine any red lines. Chennapragada emphasized that Robinhood strives to remain fully compliant with applicable regulations.
Earlier today, Robinhood rolled out a new payment card, which allows users to automatically invest in crypto and stocks when they spend money.