Aparna Chennapragada, the Chief Product Officer at Robinhood, made some statements about the interest of the trading platform towards the non-fungible tokens (NFTs) industry, saying that they are ‘fascinated’.
In fact, Chennapragada stated that there is ‘a lot of potential’ in using NFTs nowadays that Robinhood spotted. “We absolutely think about NFTs. I have been fascinated by them, and I think that the crypto team is excited. We are always looking at what makes sense here, in terms of products to offer through Robinhood,” she commented in an interview with The Verge.
Robinhood’s CPO, in particular, talked about what Axie has been doing in the NFT industry with the in-game sphere. “The reason I ask about NFTs, in particular, is that when you think about products on smartphones that allow you to transact, where you push a button and spend some money, and then digital goods move around, Robinhood is actually very unique. It does not pay a 30% commission to either of the smartphone platforms, even if you are buying Bitcoin , which is a digital good. Because it’s money. Which is very philosophical, like you’re dancing on the head of a pin there, that Apple has not said, ‘I want 30%’,” Chennapragada noted.
Moreover, she highlighted that NFTs could be an end in itself in some cases, making them a ‘really fascinating opportunity’. However, she did not specify whether the company plans to launch or not any NFT offerings in the future, but she pointed out the following: “I think, as a team, and a company, we are looking at the space and saying, ‘How can we best participate? What are the customer problems that we can solve?’”
The Settlement with Vermont Regulators
Recently, Robinhood reached an agreement to settle $640,000 with Vermont’s financial regulator, DFR, over the platform’s outages and account supervision issues.
