Robinhood CEO Vlad Tenev stated that the collapse of Robinhood increased their market share.
Tenev also pointed out that the fact that FTX founder Sam Bankman-Fried owns 7.6% of Robinhood does not indicate an official relationship.
“The truth is, Robinhood stock is a publicly traded stock that anyone can buy. The idea that this means a formal partnership is wrong.”
Tenev suggested that the collapse of FTX was an opportunity for them.
“These events help weed out weak companies that invest less in risk management and compliance.”
FTX filed for Chapter 11 bankruptcy protection on November 11. The stock market crash created a domino effect, pushing BlockFi and Genesis to the brink.
After the events, crypto prices experienced a great decline and concerns about the sector increased.
Tenev noted that their commitment to the industry continues and that they plan to roll out Robinhood’s wallet to all users worldwide in the near future.
The beta version of the company’s self-custody wallet was launched on the Polygon network in September.
