{"id":3316,"date":"2026-07-13T15:41:41","date_gmt":"2026-07-13T15:41:41","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=3316"},"modified":"2026-07-13T15:41:41","modified_gmt":"2026-07-13T15:41:41","slug":"robinhood-built-a-blockchain-for-real-world-assets-memecoin-traders-showed-up-for-the-cat-coin-instead","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=3316","title":{"rendered":"Robinhood built a blockchain for real-world assets. Memecoin traders showed up for the cat coin instead"},"content":{"rendered":"
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Then, the \u201cmemecoin trenches,\u201d as traders jokingly called them, started dozing off. Some investors caught on that the game was often rigged, and others started chasing other speculative assets like perpetual futures or prediction markets. But, last week, the trenches appeared to have woken up\u2014if even just a little bit.<\/p>\n

Read more Oil prices march upward again as the U.S-Iran conflict intensifies\u2014and it\u2019s yet another headache for Warsh and the Fed<\/a><\/p>\n

In early July, the online brokerage Robinhood, which has made serious investments into crypto, publicly launched its own blockchain, a layer-2 network built on top of Ethereum. The initiative was a long time coming and part of the public company\u2019s broader thesis that financial institutions will increasingly tokenize assets, or issue products like stocks within blockchain wrappers.<\/p>\n

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Trading volume on Robinhood Chain exploded out of the gate, rising from just over $200,000 on July 1 to more than $500 million nine days later, according to data from the crypto analytics provider DefiLlama. But that volume wasn\u2019t from real-world assets, another term for tokenized financial products. Instead, trading came from the trenches.\u00a0<\/p>\n

Within days of Robinhood Chain\u2019s launch, memecoins became some of the most traded assets on the network. One memecoin, Cash Cat, notched a market capitalization of around $150 million on Friday, according to the crypto analytics provider CoinGecko. (The name is a callback to the early days of Robinhood, when Tenev and his cofounder Baiju Bhatt first called their company CashCat, according to a New Yorker <\/em>profile.)<\/p>\n

That Robinhood\u2019s newest crypto product is now a haven for memecoin trading shouldn\u2019t be a surprise. The company has repeatedly profited off of joke-inspired investing. In 2021, the online brokerage was at the center of the improbable rise of GameStop\u2019s stock. And, in the second quarter of that year, 62% of the company\u2019s crypto revenue came from purchases and sales of the original memecoin, Dogecoin.\u00a0<\/p>\n

Still, Johann Kerbrat, Robinhood\u2019s senior vice president of crypto, remained on message when I reached out for comment. \u201cWe are laser-focused on one mission: building the most secure, scalable, and seamless foundation for real-world assets,\u201d he said.<\/p>\n

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But, in a post on X, Tenev appeared to lean into memecoin mania: \u201cWhile we\u2019re building Robinhood Chain to be the best chain for RWA [real-world assets]\u2026 it works great for memes, too.\u201d<\/p>\n

benjamin.weiss@fortune.com
@bdanweiss<\/p>\n

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DECENTRALIZED NEWS<\/h3>\n

Michael Saylor<\/b>\u2019s Bitcoin behemoth sold <\/span>$216 million<\/b> in crypto, which is <\/span>Strategy\u2019s largest Bitcoin sale ever<\/b>. (<\/span>Fortune<\/span><\/i>)<\/span><\/p>\n

Read more U.S. and Iran both say they control the Strait of Hormuz amid attacks that threaten return to all-out war and global economic upheaval<\/a><\/p>\n

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Founded in 2018, the DeFi veteran <\/span>Gauntlet<\/b> raised <\/span>$125 million<\/b> from the Japanese financial conglomerate <\/span>SBI Holdings<\/b> in a Series C funding round. (<\/span>Fortune<\/span><\/i>)<\/span><\/p>\n

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The <\/span>Justice Department<\/b> sent a memo to attorneys in June, advising them that they should expect <\/span>less cooperation<\/b> from <\/span>Binance <\/b>on crypto cases. (<\/span>The Information<\/span>)\u00a0<\/span><\/p>\n

The prediction market <\/span>Polymarket<\/b> submitted an application to the <\/span>CFTC<\/b> to offer <\/span>margin trading to U.S. users<\/b>. (<\/span>Bloomberg<\/span>)<\/span><\/p>\n

The <\/span>public company<\/b> that the <\/span>Trump sons<\/b> worked with to <\/span>stockpile their crypto firm’s token<\/b> is looking to <\/span>sell<\/b> its core business<\/b>. (<\/span>WSJ<\/span><\/i>)<\/span><\/p>\n

MAIN CHARACTER OF THE WEEK<\/h3>\n
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Matt Huang, the managing partner of the crypto VC Paradigm, <\/span>announced<\/span> Wednesday that his firm raised $1.2 billion for a new fund focused on crypto\u2014as well as AI, robotics, and \u201cother areas of the technical frontier.\u201d<\/span><\/p>\n

MEME O’ THE MOMENT<\/h3>\n
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Never sell your Bitcoin\u2026 unless you decide to sell $216 million worth of Bitcoin.<\/span><\/p>\n

Read more Valarian raises $50 million to help governments and enterprises escape America\u2019s cloud grip<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Trading volume on Robinhood Chain rocketed from $200,000 to $500 million in nine days\u2014but with an unexpected twist.<\/p>\n","protected":false},"author":1,"featured_media":3315,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[121],"tags":[],"class_list":["post-3316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fortune-crypto"],"yoast_head":"\nRobinhood built a blockchain for real-world assets. 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