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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: You're listening to Bloomberg Business Week with Carol Masser and

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Speaker 2: Tim Stenebeck on Bloomberg Radio. An interesting take from analysts

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Speaker 2: at Bernstein and Piper Sandler this week. They argue that

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Speaker 2: robin It's revenue from prediction markets is set to overshadow

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Speaker 2: that from cryptocurrency trading starting as soon as the second quarter.

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Speaker 1: Yeah, that's pretty significant. I mean, we're talking so much

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Speaker 1: more about you think about it, prediction markets. The establishment

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Speaker 1: financial firms increasingly looked at it. It's something we actually

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Speaker 1: talked about with the CEO of Charles Schwab yesterday, Rick Wurster.

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Speaker 2: Yeah. Joan Kerbrat is here with us now. He's senior

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Speaker 2: vice president and general manager of crypto over at Robinhood.

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Speaker 2: He's also runs the international business as well. He joins

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Speaker 2: us here in the Bloomberg Interactive Brokers Studio. Welcome, Welcome,

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Speaker 2: How are you good?

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Speaker 3: Good?

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Speaker 2: Yeah, we've been good. It's good to have you back

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Speaker 2: here in New York. Welcome back. We got this decline

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Speaker 2: in crypto trading, and I think many people would are

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Speaker 2: it's related to the price action that we've seen since

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Speaker 2: October but at the same time a catalyst in prediction

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Speaker 2: markets with the World Cup. I'm just wondering how you're

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Speaker 2: thinking about this universe of these two different elements of

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Speaker 2: of trading and how that affects your users, Like are

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Speaker 2: they doing less on crypto and more with prediction markets.

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Speaker 3: We haven't seen that in our data when we look

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Speaker 3: at our customer engagement on the platform. We do have

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Speaker 3: contracts on the Prediction Market platform that are related to

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Speaker 3: crypto index price and cryptoactions, but overall, I think it's

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Speaker 3: just one of a cycle where we see a bit

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Speaker 3: the sentiment in crypto a little down, and overall we

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Speaker 3: are just focusing on building new tools and new futures

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Speaker 3: that people can utilize when the sentiment goes up.

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Speaker 2: So when the sentiment goes up, not if the sentiment

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Speaker 2: goes up, like you're confident it will go up.

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Speaker 3: You know, We've seen all of these different cycles a lot,

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Speaker 3: and I think this is not a first time, not

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Speaker 3: off first rodeo, and I think the sentiment will come back.

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Speaker 3: We saw it with the launch of for Robbin and

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Speaker 3: Chain July first in very good metrics. Already hund five

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Speaker 3: million transaction on the platform.

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Speaker 2: So explain what the impetus behind that was and why

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Speaker 2: you guys launched that.

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Speaker 3: Now, Yeah, we really wanted to create an infrastructure on

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Speaker 3: a backbone for creating new products that bring the value

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Speaker 3: of DeFi and blockshain technology to autraditional finance systems. And

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Speaker 3: so one of the first products that we launch with

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Speaker 3: this chain is called robond Earn that gives you approximately

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Speaker 3: seven percent on the doll out that you're lending to

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Speaker 3: the protocol, and I think it's really giving you the

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Speaker 3: best of two worlds, the high yield that you can

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Speaker 3: get from DeFi and also the simple UX and UI

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Speaker 3: that you can get from a platform like Robino.

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Speaker 1: What do you want, guys really want to be Prediction Markets, Crypto,

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Speaker 1: You've got a Platinum card, Like, there's a lot of stuff,

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Speaker 1: and I think some our critics might say, wait, you

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Speaker 1: just kind of are chasing what seems to be popular.

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Speaker 1: So what is it that you really want to be.

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Speaker 3: I think for us, the main goal has been to

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Speaker 3: be this all in one platform for all your financial needs,

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Speaker 3: and for that you need to carry out to customers

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Speaker 3: at different stage of their life, from the very young

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Speaker 3: people that are starting to think about retirement, opening their

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Speaker 3: first retirement account on robin Hood like an IRA to

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Speaker 3: the more advanced customers that want to use identic trading

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Speaker 3: or AI tools. And also at the same time, banking

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Speaker 3: rails and credit cards are still something that you need

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Speaker 3: on a day to day.

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Speaker 1: Basis, But why not go to the establishment, like to say,

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Speaker 1: like we talked to the folk recourster Charleshwa, but why

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Speaker 1: not go to the establishment who are also embracing kind

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Speaker 1: of the new innovation if you will. In finance, Yeah.

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Speaker 3: Well absolutely as well. If you see our market chair

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Speaker 3: and the growth of our business, it shows that we've

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Speaker 3: been able to grab some of this customer from these

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Speaker 3: more established businesses. But I think for us it's been

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Speaker 3: important to have a wide array of features and functionalities.

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Speaker 3: If you think about our creditcard, we launch a Gold

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Speaker 3: credit card. We have more than a million customer now

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Speaker 3: with this credit card. It really shows that there are

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Speaker 3: a lot of things that we are used to on

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Speaker 3: the on the financial side that we can disrupt and

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Speaker 3: Robin by launching the Gold card with three percent cash

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Speaker 3: back on almost everything, really change the way that people

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Speaker 3: were utilizing Cree cards in the business.

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Speaker 2: You know, on the crypto side of things, on our

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Speaker 2: Crypto show yesterday, we spoke to Nathan Dean of Bloomberg Intelligence.

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Speaker 2: He said he actually agreed with Treasury Secretary Scott Passon,

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Speaker 2: who said that we're at the ten yard or the

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Speaker 2: one yard line, excuse me, one yard line with the

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Speaker 2: Clarity Act in the Senate. If that passes this year,

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Speaker 2: what does it mean for your business?

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Speaker 3: I think it really changes the way that we can

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Speaker 3: launch product in the US. Right now, we have a

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Speaker 3: very fragmented situation where some states will have access to

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Speaker 3: some features and not and it's something that really frustrates

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Speaker 3: our customers. So we want to be able to launch

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Speaker 3: products across the entire US the same way that we

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Speaker 3: are doing that in other region in the world, like

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Speaker 3: EU for example. The second thing is a lot of

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Speaker 3: institutions want to get into crypto. They understand that there

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Speaker 3: is a value using stable coin or toogonize that set,

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Speaker 3: but they don't want to do it for the short term.

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Speaker 3: If they don't have clear regulation, they are not going

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Speaker 3: to be able to launch a project that will take

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Speaker 3: five or six years to build. So it's really important

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Speaker 3: to get this clarity, which you know, the name of

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Speaker 3: the act is very appropri because we can after this

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Speaker 3: bill really have a lot of institution company like Roles

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Speaker 3: invest in a long time for blockshaing technologies. What you know,

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Speaker 3: how do.

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Speaker 1: You think about politics and midterm elections and changes in

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Speaker 1: the administration. This is certainly an administration that has been

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Speaker 1: much more embracing, if you will, of digital assets. But

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Speaker 1: I'm just curious how you guys factored in and think

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Speaker 1: about it in terms of strategy or what you might

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Speaker 1: need to get done or think about before the midterms,

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Speaker 1: or how you're thinking about it afterwards.

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Speaker 3: Well, if you think about Robbin when it exists since

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Speaker 3: twenty thirteen, right, and so we have seen very different

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Speaker 3: administration across the existence of the company and where are

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Speaker 3: used to work with different ademeisters. Hopefully, I think this

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Speaker 3: time when you see the entire world actually embracing crypto regulation,

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Speaker 3: you think about MICA in the EU, you think about

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Speaker 3: the FCA in the UK creating a new framework. We

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Speaker 3: really saw a situation with a previous administration where the

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Speaker 3: US were falling behind and companies, crypto companies wanted to

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Speaker 3: actually build outside of the US. So I think it's

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Speaker 3: important that no matter the direction of the next administration

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Speaker 3: will be that we have comprehensive regulation to embrace the

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Speaker 3: technology and make people build in America.

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Speaker 2: Again, you are also over you oversee the international business

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Speaker 2: as well, and I'm just curious about the timeline or

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Speaker 2: the pipeline that you have for products that we may

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Speaker 2: not have in the US, but you can have overseas

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Speaker 2: or have overseas but not have here in the US. Like,

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Speaker 2: what is that breakdown right now?

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Speaker 3: Yeah, one of the main products we have over seas

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Speaker 3: and not in the US is crypto perpetuals or future perpetrols.

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Speaker 3: It's a primitive that was invented by crypto technology, and

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Speaker 3: we are seeing a lot of demand from more customers

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Speaker 3: and you see platforms that are decentralized seeing a lot

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Speaker 3: of volume coming like a hyper liquid, like a hyper

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Speaker 3: liquid for example. Okay, in the U we have it

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Speaker 3: available for crypto contracts, but also for commodities and ETF contracts,

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Speaker 3: and it's something that we see a lot of engagement.

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Speaker 2: With, Meaning you think that it would be something that

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Speaker 2: could happen here in the US at some point.

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Speaker 3: I think so. I think you know, there are still

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Speaker 3: some discussion happening at the CFTC level, but it sounds

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Speaker 3: like it's something that we are looking to open in

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Speaker 3: the US at the regulatory level, and we have the

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Speaker 3: technology ready to use, so the day that we have

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Speaker 3: clear regulation will be able to launch it.

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Speaker 2: You know, one thing that we always try to get

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Speaker 2: an understanding of is what people are doing on a

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Speaker 2: specific platform, what they're doing in different parts of the world.

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Speaker 2: We talk to a lot of folks who are managing

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Speaker 2: money and about asset allocation. What about outside of the

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Speaker 2: US demand for US stocks right now? What is that

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Speaker 2: look like?

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Speaker 3: It's still something that we are investing a lot. So

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Speaker 3: we launch or toogonized asset. We call it stock tokens

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Speaker 3: that give exposure to US talks and etf And in

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Speaker 3: a lot of places, including in Europe, you still have

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Speaker 3: platforms that still charge commission. For example, one of the

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Speaker 3: biggest ones still charge at least one you're per transaction

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Speaker 3: when you want to buy a stock. So giving access

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Speaker 3: to this stock token has actually been a way for

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Speaker 3: them to access it without paying commission fees. We launch

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Speaker 3: actually a study with European customers and more than fifty

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Speaker 3: percent of them were interested by this type of product,

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Speaker 3: and a lot of them were interested by the fact

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Speaker 3: that you can trade them twenty four seven as well,

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Speaker 3: because on the weekend, the world doesn't stop and so

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Speaker 3: the economy also has an impact. And also the fact

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Speaker 3: that the time zone is very difficult. Right when the

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Speaker 3: US market is open is often night for the U.

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Speaker 3: So I think that's the kind of evolution that we

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Speaker 3: will see from the blockchain technology that will bring tradify

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Speaker 3: into a new world.

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Speaker 1: Basically, what about things like the SpaceX act and I'm

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Speaker 1: just curious how that impacted or what kind of activity

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Speaker 1: you guys saw around that, and then how you are

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Speaker 1: thinking about the upcoming IPOs, whether it's open AI roanthropic.

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Speaker 3: Yeah, we have a platform called IPO access where a

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Speaker 3: customer can actually place demand and based on what allocation

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Speaker 3: we get from the issue, we're able to disribute it

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Speaker 3: to our customers. SpaceX obviously was a large one, but

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Speaker 3: it's a platform that we were seeing more and more

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Speaker 3: demand on.

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Speaker 1: And do you see a lot of demand with SpaceX.

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Speaker 3: Yeah, it was definitely one of a big demand because

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Speaker 3: of the size.

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Speaker 1: Of the ip O and one of your biggest days.

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Speaker 3: I couldn't tell you the size exactly, but I think

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Speaker 3: what's interesting is seeing more and more of the demand

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Speaker 3: from our retail customer for early access to this company.

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Speaker 3: A lot of these companies are waiting longer and longer

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Speaker 3: before going public, and therefore the retail customer is not

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Speaker 3: able to also get the same upside that they were

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Speaker 3: when you know they were participating participating into the Google

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Speaker 3: IPO for example.

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Speaker 2: What what is the way to access that in any

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Speaker 2: environment where it's traditionally been restricted to the so called

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Speaker 2: accredited investors, which have you know, specific barriers to net Worth's.

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Speaker 3: That's probably one of the things that we need to

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Speaker 3: change here in the US. If you think about other

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Speaker 3: places like in the EU, you have an assessment test

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Speaker 3: that you have to complete, so it will ask you

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Speaker 3: a question and only if you've ask this question and

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Speaker 3: you're able to access this type of product.

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Speaker 2: Is it about net Worth or is it about It's.

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Speaker 3: About your knowledge and understanding the risk of the product.

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Speaker 3: And I think that's a very big difference because no

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Speaker 3: matter of your networks, if you understand it, it should

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Speaker 3: give you access, not necessarily just because you have a

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Speaker 3: bigger bank account.

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Speaker 1: John, we just have about forty fifty seconds here. I mean,

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Speaker 1: you talked about people wanting different things on the platform

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Speaker 1: as they kind of get older, right and different things

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Speaker 1: that you guys are offering. What is the biggest demo

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Speaker 1: that demographic on the platform or how is it changing? Yeah?

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Speaker 3: Oh, demographic still skew on the on the younger side

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Speaker 3: in the thirty five to forty. But we also have

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Speaker 3: new products. For example, we launch the Trump Accounts, which

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Speaker 3: allows you to create an account for your babies and

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Speaker 3: your child and I think that's something that is very

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Speaker 3: important because it's by starting to utilize this type of

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Speaker 3: platform that you're able to start thinking about the future

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Speaker 3: of your children.

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Speaker 1: Are you seeing an uptick in that? Are you seeing

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Speaker 1: activity around that?

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Speaker 2: Yeah?

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Speaker 3: Absolutely. I don't know the exact number, but you will

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Speaker 3: see that a lot of our customer were opening accounts

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Speaker 3: for our children, and I think it's important the children

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Speaker 3: needs to learn about this to start thinking about their future.

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Speaker 2: Can you open an account for my children, Carrol?

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Speaker 1: I will do anything. Thank you absolutely. By the way,

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Speaker 1: robin Hood reporting second quarter results on July twenty ninth.

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Speaker 2: Johann Kerbrat, a senior vice president general manager of Crypto

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Speaker 2: and International Robin Head. This is Bloomberg