Robinhood to launch its own Arbitrum L2 blockchain? Is it a competitor to Coinbase?

On the eve of the ETHCC conference, Robinhood suddenly announced a panel discussion with Ethereum founder Vitalik Buterin and the Arbitrum development team, sparking market speculation about its potential "own blockchain" launch. This potential L2 is not only expected to become a major competitor to Coinbase Base but may also make it difficult for crypto startups to move forward. At the ETHCC event, Robinhood will host a fireside chat featuring its crypto division manager Johann Kerbrat, Ethereum founder Vitalik Buterin, and Arbitrum's Offchain Labs CSO AJ Warner. Although the topic has not been revealed, the community generally links this to Robinhood's previous plans to enter Europe and launch a tokenization platform, believing that Robinhood has ultimately chosen to build its own L2 blockchain using Arbitrum's architecture and tech stack. Selv Labs founder @0xfoobar believes that if Robinhood launches an Arbitrum-based L2, it could become a new counterbalancing force to Coinbase Base. While there are some differences in underlying technology (Base uses Optimism, Robinhood is rumored to use Arbitrum) and network development direction, both share a common trait: they are large brokers or exchanges with massive user traffic and brand advantages. As Robinhood aims to lead its millions of traditional users to directly participate in on-chain activities, the competition to build the future Web3 user portal will intensify. This move has raised concerns in the community about the impact on crypto startups. Crypto KOL @howdymerry directly stated that Robinhood might "massacre" many startups with their announcement, welcoming the era of crypto vertical integration. Given Robinhood's massive user advantage, built-in wallet and assets, brand trust, and regulatory qualifications, successfully establishing an on-chain entry and payment structure could be a significant blow to startups still seeking users and funding. However, not everyone is optimistic about Robinhood's entry. Some voices argue that they are not only late to the market but also lack creativity, merely copying Base with a different underlying technology. Regardless, whether Robinhood will announce any major news remains uncertain, but it's enough to excite the community. In the future, traditional Web2 platforms entering the crypto space through their own blockchains may become more common, and the crypto battlefield might shift from public chain TPS and technical architecture to who has the most users and the most diverse product integration. Besides Coinbase and Robinhood, Kraken and Ethena are also participants in the tokenization platform, and the changes in this competitive market are eagerly anticipated. Risk Warning: Cryptocurrency investment carries high risks, and prices may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.

The U.S. cryptocurrency exchange Kraken announced the launch of the payment app "Krak", focusing on cross-border transfers, asset management, and yield accounts. It supports instant payments in fiat and cryptocurrencies, offering asset yields up to 10%. The app aims at the mainstream payment market and paves the way for Kraken's anticipated IPO in 2026. As a financial app under Kraken, Krak supports over 300 crypto and fiat assets. Users can make cross-border transfers and requests using a personalized KrakTag, an intuitive user ID, without needing complex bank account or wallet addresses. The service initially covers over 110 countries, aiming to create low-cost and efficient financial flows by simplifying user experience through social and financial integration, making crypto assets a practical role in daily payments. Notably, Krak is not just a payment tool, but an "account that can appreciate in value". Users can place assets in the "Spend & Earn" feature, enjoying instant payment functions while earning asset rewards. For example, USDG stablecoin offers an annual return of 4.1%, while over 20 digital assets can provide up to 10% annual returns. These earnings require no lock-up, have no minimum threshold, and need no service subscription. Krak's product roadmap includes: - Virtual and physical Krak financial cards for global online and in-store purchases - Prepaid financial services, including loans and credit cards - Enterprise payment services Kraken co-CEO Arjun Sethi stated: "Krak emerges because the current financial system has fallen behind for too long, and it's time for change." The Krak App represents Kraken's important step towards a broader user base and a key strategic layout for expanding business and revenue sources. Recent collaborations and acquisitions show Kraken's ambition to build a comprehensive financial service platform. This series of strategies ultimately aims at an IPO. Although Kraken has been quiet about its listing plans, the launch of Krak will significantly boost its future IPO prospects. Kraken reveals that Krak is just the first step in global financial infrastructure transformation, with potential to become a core platform for digital asset payment and management. The Japanese version of MicroStrategy, Metaplanet, announced the issuance of 30 billion yen in zero-interest bonds and again acquired 1,005 BTC for $108.1 million. Metaplanet now holds 13,350 BTC, surpassing Tesla's holdings and ranking fifth globally.

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Bitcoin Holdings Surpass Tesla, Ranked Fifth Globally

According to previous statistics from Bitcoin Treasuries, Metaplanet's 12,345 BTC have surpassed Tesla, becoming the seventh-largest listed company holding Bitcoin globally. With today's announced purchase of 1,005 BTC, they have now exceeded CleanSpark and Gaxaxy Digital Holdings, ranking fifth globally.

Metaplanet's Trading Volume Astonishing

Moreover, Metaplanet's trading volume is extremely impressive, ranking second among holding companies after MicroStrategy (MSTR), and 17.5 times that of the third-ranked Semler Scientific (SMLR).

(Semler Scientific aims to buy 105,000 BTC within 3 years, SMLR market value close to Bitcoin value - undervalued or a warning?)

Metaplanet 555 Plan Rapidly Executed, Buys Additional 1,005 BTC

Metaplanet announced the 555 Plan on June 6th, aiming to significantly increase its BTC holdings, with a target of holding 210,000 BTC by the end of 2027, equivalent to 1% of the total BTC supply.

On June 24, 2025, Metaplanet raised 74.9 billion yen (approximately $517 million) by issuing 54 million shares (about 10% of the plan) at an execution price of 1,388 yen.

Today (6/30), Metaplanet acquired an additional 1,005 BTC for $108.1 million, with an average price of $107,601. The BTC return rate in 2025 has reached 348.8%. As of June 30, 2025, Metaplanet holds 13,350 BTC, with a total acquisition cost of approximately $1.31 billion, averaging around $97,832 per BTC.

(Metaplanet raises over $500 million, stock price fluctuates 22% - is the 555 plan a positive or negative?)

At the time of writing, Metaplanet was trading at 1,616 yen, up 8.46% for the day and 364% year-to-date, significantly outperforming Bitcoin's 16%.