Inside Robinhood's Big Super App Plan: ‘There's Still a Lot of Work to Be Done’ - Ep. 983 - Unchained Recap

Podcast: Unchained

Published: 2025-12-18

Duration: 1 hr 1 min

Guests: Johann Kerbrat

Summary

Robinhood is ambitiously transforming into a super app, integrating crypto services and prediction markets into its platform. Johann Kerbrat discusses their strategic choices and the challenges posed by regulators.

What Happened

Robinhood's crypto revenue surged threefold in Q3, driven by the addition of more assets and staking in most US states. Johann Kerbrat, Robinhood Crypto's Senior Vice President, attributes this growth to the foresight shown by the company's founders, who launched crypto services in 2018 during a market downturn. Robinhood is now integrating blockchain into its stock trading infrastructure to enhance security and decentralization, choosing Ethereum's Layer 2 for its robustness.

Kerbrat discusses Robinhood's entry into prediction markets, a rapidly growing segment of their business, despite facing resistance from state regulators. This opposition might push businesses offshore, as regulatory frameworks remain a challenge in the US. Robinhood's platform aims to simplify crypto technology for users, masking its complexity to make it more accessible to a broader audience.

The company is also exploring tokenized stocks, offering over 1,000 stock tokens to European customers, and plans to introduce these innovations to the US market. Kerbrat envisions a future where tokenization levels the playing field, giving retail investors the same opportunities as venture capitalists. This approach could eventually make IPOs redundant by allowing private companies to seek retail participation directly through blockchain.

Robinhood is expanding its operations internationally, acquiring companies in Europe and Indonesia to tap into crypto-friendly markets. The launch in the EU features competitive offerings such as zero spread and fees, aiming to attract a significant user base. Their strategic choice to invest in LiDAR for its DeFi perp space capabilities reflects a commitment to enhancing their product suite.

Kerbrat emphasizes the need for the crypto industry to build resilience, especially after the challenges of the past year. He believes crypto founders should focus less on technical protocols and more on creating value for users. Additionally, Robinhood is exploring deeper integration with DeFi, aiming to build compliance tools alongside a blockchain chain.

Looking to the future, Kerbrat predicts that the intertwining of prediction markets and crypto will bring new opportunities by 2026. He also speculates on potential new uses for crypto in long-term contracts, reflecting the company's forward-thinking approach in evolving market landscapes.

Key Insights