Most in the cryptocurrency ecosystem are aware of Robinhood, a company that earned infamy after blocking the buying of GameStop stocks during the old short-squeeze event. The company has now turned its eyes to crypto.
It has dove headfirst into the blockchain economy, launching its own stock tokens and revealing a Layer 2 blockchain.
This event shows institutions’ rising interest in becoming part of the new blockchain economy, which could present new opportunities to investors. But what could be the best crypto to buy now among them?
Laying the Groundwork for Crypto to Become Backbone of the Global Financial System – CEO Vlad Tenev
The way Robinhood has entered the blockchain space seems to be quite robust, with talks of changing the face of the blockchain economy. In the official announcement posted on June 30th, Robinhood CEO Vlad Tenev said that the latest offerings lay the groundwork for crypto to become the backbone of the global financial system.
The first element is the US stock and ETF tokens that Robinhood has made available in the European Union, which will give users access to US equities with Robinhood Stock tokens. It will feature zero commissions and an added spread from Robinhood, the announcement reads, and users will also get dividend support and 24/5 access.
With this, the idea is to make over 200 US stock and ETF tokens available for European customers.
These tokens will be issued using Arbitrum, and in the future, plans are to use the tokenized stocks to support Robinhood’s Layer 2 blockchain. The blockchain is in development, and the announcement says that it will eventually support RWA assets as well.
Along with stock tokens, perpetual futures are also being introduced via Robinhood. Users will have access to up to 3x leverage, and these will be rolled out by the end of summer.
The expanded product suite also includes crypto staking, as well as faster crypto deposits, crypto credit cards, an AI-powered assistant for crypto, smart exchange routing, tax lots, and advanced charts.
Will The Community Be Receptive Towards Robinhood’s Crypto Offerings?
One of the key questions after the announcement is this: will the community accept Robinhood’s entry into the cryptocurrency space?
This is a critical question to ask since Robinhood isn’t merely adding small crypto offerings, but is going all-in, and the tone the founder is taking makes it seem like the company has been within the space for a long time.
This sense of “forced familiarity” could set off some customers, especially since Robinhood’s infamy after the GameStop short-squeeze debacle. What if a major industry player launches its own token via the platform and gets a deal with Robinhood that stops people from selling when the said token goes up in value? What if buying crypto becomes difficult? These are some of the key questions that could be asked.
However, on the other hand, Robinhood’s excitement towards crypto is to be commended. It has the resources to actually provide the services it has set out to. And being developed on Ethereum, Robinhood’s Layer 2 could gain major traction in the market, since it is certain that major VC players could be involved.
Best Crypto to Buy Now
Robinhood’s entry into the cryptosphere does open up a lot of opportunities. For instance, it could give Robinhood fans a way to interact with a new form of market. And as new investors come in, the total crypto market cap could grow.
Bitcoin Hyper
As Robinhood users dive into the crypto space using the app, the first asset that many should expect to grow is Bitcoin. This growth could have a downstream impact on other tokens of similar nature, especially ones that are trying to provide a strong utility.
Bitcoin Hyper is a Bitcoin-inspired project that aims to inject the Bitcoin network with utility. Marketed as a Layer 2 scaling solution for Bitcoin, Bitcoin Hyper envisions a future where the standard network could become host to decentralized applications, DeFi apps, NFTs, and more.
Central to this solution is the Layer 2 scaling technology that will provide off-chain transactions for Bitcoin. This could result in faster transaction speeds and lower fees, which then could lead to a better Bitcoin ecosystem.
To introduce decentralized applications and make the Bitcoin network able enough to support smart contracts, Bitcoin Hyper integrates Solana Virtual Machine. And for creating a bridge between Bitcoin Hyper and Bitcoin, the project has established a standard Canonical Bridge.
While many can take a look at Bitcoin Hyper’s whitepaper and sideline the talk about utility by construing it as “all talk,” a deep dive into the project’s website shows that Bitcoin Hyper is serious about what it is trying to achieve. The devs do possess the technical know-how, and since similar projects have emerged in the past for other popular blockchains, Bitcoin Hyper has the potential to be a strong project.
Furthermore, the website is providing regular updates, which further enhances Bitcoin Hyper’s trust factor.
Token6900
Despite utility being a strong factor when it comes to making a crypto valuable as a long-term investment, sometimes, narrative-based tokens with a strong degen community are what’s needed to keep a project alive for years to come.
That’s the idea behind Token6900. Said to be inspired by SPX6900, Token6900 seems to be a “parody of a parody project” where its main goal is not to provide users with long-term utility, but to push for comedic vibes that could bring more gains to meme coin investors.
The website of this project is designed to mirror the feeling of Windows 95, and the artworks presented further ramp up the nostalgic feel, making this project’s sensory-overloaded comedic memes more appealing.
The manifesto of this project makes things clear: it is an ode to all the conspiracy theories of the past that have revealed the worsening conditions of the American economy. “Token6900 is the rest, it is the chaos button, one to show the mirror to this economic circus.”
It is this self-aware comedic style, complete with the “brainrot” lingo, that could push this crypto to new heights.
Even the likes of CryptoNews have said that this crypto could 50x upon launch based on its viral potential alone.
SUBBD
Bringing attention back to the utility-centric ecosystems, SUBBD is a project aiming to hit all the viral points through its content creation platform. The virality of the project comes from the posts featuring good-looking models, some created through AI, some OnlyFans top-earners who have been onboarded on SUBBD, and the long-term goals emerge from SUBBD’s status as an AI agent content creation platform.
The project aims to tackle an 85 billion dollar industry through its unique content, which is given more levity through artificial intelligence. Its premise is simple: while models can create content and share it with their fans in return for money, similar to OnlyFans, they can also collaborate with fans through AI-driven content creations.
This approach is said to transform the relationship between models and fans. The content creators get access to better payment opportunities, and fans get a chance to receive exclusive content as well as unique games.
Since spicy content is often considered “premium,” analysts at InsideBitcoins have described SUBBD as a way to unlock the premium side of AI crypto.
Conclusion
Robinhood’s arrival into the cryptocurrency market is a curious event, not because it is just another institution buying more Bitcoin, but because it is a service platform going “all-in” into crypto. While people’s reception of the platform’s offering is yet to be seen, what can be said for certain is that it has created good opportunities to find the best crypto to buy now.
As more investors dive into crypto, they will be looking for relatively safer options with a unique, innovative touch. For them, the options given in this article, which comprise both utility- and virality-driven ICOs, could be considered the best investments.
This article has been provided by one of our commercial partners and does not reflect Cryptonomist’s opinion. Please be aware our commercial partners may use affiliate programs to generate revenues through the links on this article.
