Online broker Robinhood is in an excellent position as a standalone company and is not considering a takeover by crypto exchange FTX or competitor Charles Schwab, the company CEO Vlad Tenev has said.
According to him:
“We have a strong balance sheet. We have an amazing team, we are implementing the product roadmap at a pace never seen before. So I would turn the question around 180 degrees.”
During a conference call with analysts, Tenev has noted that as of June 30, the company had $6 billion in cash and cash equivalents. Robinhood could use the money to acquire startups that could accelerate its long-term goals.
The CEO has recalled the creation of a non-custodial Web3 wallet that will provide users with full control over the crypto and direct access to the DeFi and NFT segments.