Robinhood Chain Takes on NYSE/Nasdaq | Robinhood Crypto GM Johann Kerbrat
February 11, 2026
AI Summary
5 min read🎙️ The Voices & The Context
- The Format: Podcast interview with host David from Bankless grilling the guest on Robinhood's crypto ambitions.
- The Key Players:
- Guest: Johan Kerbrat, GM of Crypto at Robinhood—sharp strategist blending traditional finance with blockchain, known for pushing tokenized assets and open chains.
- Host: David (Bankless), probing with tough questions on competition, regs, and strategy.
- The Vibe: Educational yet hype-filled—optimistic buzz about disrupting Wall Street with crypto tech, mixing tech deep dives with forward-looking excitement.
🗝️ Key Themes & Topics
The episode dives into Robinhood's blockchain push, tokenized finance, investments, and regs—framing RH as the crypto rebel taking on legacy giants like NASDAQ and NYSE.
- Topic 1: Robinhood Chain Testnet Launch. Details on the new public Ethereum L2 testnet (live now), open for devs to build/test apps like tokenized platforms, DEXes, and lending. RH as first user but permissionless for all; mainnet soon after hackathons/feedback. Emphasizes 24/7 settlement vs. legacy systems.
- Topic 2: Tokenized Stocks & Liquidity. EU-only stock tokens (2000+ now, up from 200); US pending Clarity Act. Phases: non-transferable now, then on-chain trading via RH exchange. Liquidity via order routing to multiple makers, unlocking DeFi composability (lending, bor
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What you'll learn
- 1 (00:00) **🎙️ Introduction: Johan Kerbrat**
- 2 (03:37) **Robinhood Chain Testnet Launch**
- 3 (05:26) **Open Developer Ecosystem Strategy**
- 4 (09:00) **Unique Focus on Financial Instruments**
- 5 (12:25) **Testnet Timeline and Next Steps**
- 6 (13:08) **Tokenized Equities vs. TradFi Strategies**
- 7 (16:01) **Stock Tokens Availability and Expansion**
+ Full timestamped outline available in the app
Show Notes
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 More from this podcast
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)