bankless nation. Today on the show I have Johan Kerbrat from Robin Hood. He's the general manager of Robin Hood and they are announcing something pretty cool, the Robin Hood chain test net.Uh I think we'll probably get the mainet live sometime this year. Uh but today we're getting the details of Robin Hood test net and everything that comes with it. Uh and so I was able to ask Johan a bunch of questions about what the role of the Robin Hood test net is in the Robin Hood ecosystem.My my idea for this is this ...

Financial Data and Key Metrics Changes - Revenues increased by 45% year over year to nearly $1 billion, marking the third highest quarter of net deposits ever [16][19] - Adjusted EBITDA margins were 81%, and EPS doubled from a year ago [19] - Interest earning assets rose over 50%, driven by cash sweep, margin, and strong securities lending activity [21] Business Line Data and Key Metrics Changes - Record trading volumes were reported across equities, options, prediction markets, index options, and futures, with index options volumes growing 60% from Q1 [8][20] - Average assets per funded customer exceeded $10,000 for the first time, nearly doubling from a year ago [10] - Robinhood Gold subscribers reached a record 3.5 million, representing a 75% year-over-year increase [22][17] Market Data and Key Metrics Changes - The company now has over 600,000 international customers, bolstered by the Bitstamp acquisition [18] - Net deposits in July were around $6 billion, indicating a strong start to Q3 [23] - Crypto trading volumes for both Robinhood and Bitstamp reached six-month highs [24] Company Strategy and Development Direction - The company aims to enhance its global financial ecosystem, focusing on innovations like stock tokens and perpetual futures [13][14] - Plans to launch Robinhood Banking in the fall, which is expected to integrate various financial services for customers [11][27] - The company is exploring lending opportunities, including partnerships for mortgage offerings [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory of net deposits, driven by customer engagement and new product expansions [40] - The company is optimistic about the potential of tokenization and its ability to democratize access to private markets [46][47] - Management emphasized a disciplined approach to expenses, maintaining strong margins while pursuing growth [22][19] Other Important Information - The Bitstamp acquisition is expected to contribute significantly to the company's institutional business [15] - The company has seen a strong response to its staking offerings, with over $750 million staked in the first month [16][113] - The Robinhood chain is positioned as a unique opportunity for tokenizing real-world assets, leveraging the existing customer base [88][89] Q&A Session Summary Question: When will Robinhood Banking be broadly available for customers? - Management confirmed that Robinhood Banking is on track for rollout later in the quarter, following successful internal testing [27] Question: Does Robinhood plan to step more heavily into lending products? - Management indicated that they are already providing some forms of credit and are exploring further lending opportunities through partnerships [28][30] Question: How is the strategy evolving around net deposits and promotional activity? - Management stated that promotions are a key part of their strategy and have shown strong customer response, with plans to continue leveraging them [36][38] Question: Can you discuss the long-term strategic opportunities with private tokenization of assets? - Management highlighted the positive reception of their tokenization efforts in Europe and the potential for similar offerings in the U.S. [46][47] Question: What are the advantages of the Robinhood chain for real-world assets? - Management emphasized the unique position of Robinhood in the market, with a large customer base and a focus on tokenizing real-world assets [88][89] Question: How does the company view the competitive landscape for tokenized stocks? - Management noted that their model minimizes risks associated with price discrepancies, providing a competitive edge in the market [96] Question: What is the outlook for securities lending as the IPO market turns on? - Management reported strong performance in securities lending, with record numbers in June and July, indicating potential for continued growth [74][75]