Galaxy Digital: Robinhood's round-the-clock tokenization plan threatens NYSE revenue

Golden Finance reported that Galaxy Digital stated in a report on Friday that Robinhood's tokenization initiative removes assets from traditional market channels and puts them on-chain, directly challenging the centralized liquidity and activity relied upon by large traditional finance (TradFi) exchanges such as the New York Stock Exchange (NYSE). The architecture of the platform is similar to the Rollup models like Coinbase's Base, allowing Robinhood to have full control over its sequencer and to collect all transaction fees. Galaxy estimates that Base brings in over $150,000 in sequencer fees for Coinbase every day. The report states that by operating the sorter of Robinhood Chain and controlling tokenized assets, Robinhood aims to monetize every layer of the trading stack – from "off-chain transactions to on-chain utility."