network news
Robinhood launches blockchain: Robinhood has launched a public testnet of its Ethereum layer 2 blockchain and plans a wider introduction later this year as the brokerage app aims to move more trading activity on-chain. The new network, called Robinhood Chain, is built on Arbitrum and is designed to support tokenized real-world assets, including stocks and exchange-traded funds (ETFs). The company announced at CoinDesk’s Consensus Conference in Hong Kong that developers will be able to build publicly on the network for the first time after six months of private testing ahead of the launch of the future mainnet. Through this chain, Robinhood aims to allow users to trade 24/7 and self-custody assets in Robinhood’s own crypto wallets. Users can also span different chains and enter decentralized finance (DeFi) applications on Ethereum, the company said. The timing coincides with Ethereum’s core roadmap shifting more focus back to the base layer. Certain upgrades have already reduced transaction costs, and further improvements are expected to continue to ease congestion, a development that weakens the case for Layer 2 as a pure scaling necessity. Robin Hood’s approach shows that it already operates under this assumption. “I think Vitalik [Buterin, the co-founder of Ethereum] “We’ve always been very clear about this, L2 is not just about scaling Ethereum. For us, it’s never been about scaling Ethereum or doing faster transactions,” Johann Kerbrat, Robinhood’s senior vice president and general manager of cryptocurrency, said in an interview. Margaux Nijkerk & Christian Sandel Read more.
CITADEL supports Layerzero blockchain: LayerZero Labs launches Zero, a blockchain designed to power institutional-grade financial markets, while Citadel Securities makes a strategic investment in ZRO, the network’s native token and governance asset. ARK Invest has also invested in LayerZero equity and ZRO tokens, the company said, with CEO Cathie Wood joining the newly formed advisory board along with ICE executive Michael Blaugrund and former BNY Mellon head of digital assets Caroline Butler. The size of the investment was not disclosed. The announcement signals a further push for blockchain-based trading, clearing and settlement by traditional market infrastructure companies, as scalability and performance limitations have long limited real-world adoption. Tether Investments, the investment arm of the largest stablecoin issuer, also made a strategic investment in LayerZero Labs. Citadel Securities said it is working with LayerZero to evaluate how Zero’s architecture can support high-throughput workflows across trade and post-trade processes. The company’s investment in ZRO adds to growing institutional interest in LayerZero, which is known for operating one of cryptocurrency’s largest interoperability networks. Zero is designed around LayerZero’s first heterogeneous architecture that uses zero-knowledge proofs (ZKP) to separate transaction execution from verification. The company claims that the design can scale to approximately 2 million transactions per second across multiple regions, with transaction costs approaching a millionth of a dollar, and virtually unlimited block space. — Will Canney Read more.
MEGAETH mainnet online: MegaETH, a high-performance blockchain designed to make Ethereum applications feel nearly instantaneous, has debuted its public mainnet, entering an ecosystem mired in fundamental debate over how Ethereum should scale. The project positions itself as a second-layer “real-time blockchain” targeting over 100,000 transactions per second (tps), which will make on-chain interactions feel closer to traditional web applications than today’s crypto networks. According to data from Token Terminal, Ethereum is running at less than 30 tps. The launch capped a rapid rise, attracting technical curiosity and major financial support. MegaLabs, the project’s development arm, raised a $20 million seed round in 2024, led by Dragonfly. Last October, it announced an oversubscribed $450 million token sale, backed by some of the biggest names in cryptocurrency, including Ethereum co-founders Vitalik Buterin and Joe Lubin. The sale was one of the largest cryptocurrency fundraising events of the year. — Margot Neckar Read more.
ENS abandoned the Layer-2 plan: ENS’ decision not to move forward with Namechain, the planned layer 2 rollup, marks another high-profile shift in the once-dominant narrative that Ethereum’s future would be primarily built on L2. ENS will now deploy the long-awaited ENSv2 upgrade exclusively on the Ethereum mainnet, rather than rolling it out on its own, citing significant reductions in gas costs and broader changes in Ethereum scaling philosophy. Nick Johnson, founder and lead developer of ENS, said the original rationale for launching custom rollups no longer holds true. “Things have changed since we first decided to pursue L2,” Johnson told CoinDesk. High oil prices made rollups an “official trajectory” two years ago, but Ethereum’s base layer has scaled to the point where transaction costs are sustainable. — Margot Neckar Read more.
Other news
- Kraken has fired its chief financial officer, Stephanie Lemmerman, as the cryptocurrency exchange prepares to go public in the United States early this year, according to two people familiar with the matter. Lemmerman joined Kraken from Dapper Labs in November 2024 and served as the exchange’s chief financial officer for one year and four months. She now works as a strategic advisor at Kraken, a person familiar with the matter said. Former vice president of business development Robert Moore essentially took over her job, the person said. An updated leadership page on the website of Kraken parent company Payward Inc. lists Moore as deputy chief financial officer. Lemmerman didn’t show up. Obviously, it’s important that Kraken fired its chief financial officer in November after filing confidential documents with U.S. regulators. Just days ago, Kraken raised $800 million at a $20 billion valuation, including $200 million from Citadel Securities. — Ian Allison Read more.
- Jump Trading plans to hold small stakes in prediction market platforms Kalshi and Polymarket, Bloomberg reported, citing people familiar with the matter. The cryptocurrency-focused trading giant will receive shares in exchange for providing liquidity on both platforms. Jump will receive a fixed amount of equity in Kalshi, while its stake in Polymarket will increase over time depending on the trading capabilities the company provides to the platform’s U.S. operations. In recent months, Jump has expanded into prediction market trading, hiring 20 employees for the business, according to Bloomberg. — Jamie Crowley Read more.
Regulation and Policy
- President Donald Trump’s U.S. Bitcoin Reserve does not yet exist, nor does the federal government have a mechanism to buy the cryptocurrency wholesale. Keep this in mind as you consider speculation on price points this weekend that will lead to the White House hitting the buy button, thanks in large part to CNBC’s Jim Cramer. There is no such button. The president did order the creation of a “strategic reserve” to hold Bitcoin, but that doesn’t make it actually exist. The Treasury Department and cryptocurrency advisers have spent months auditing federal holdings of cryptocurrencies (although White House cryptocurrency adviser Patrick Witt told CoinDesk last week that they still would not reveal specific numbers). But the process has hit a snag: Supporters say they need Congress to legally establish the stockpile. The crypto industry’s new U.S. law targeting stablecoin issuers does not include this content, nor does the comprehensive crypto market structure bill currently before the U.S. Senate. Getting legislation — even less controversial matters — through this Congress is a difficult task, with industry lobbyists focusing on the bill to ultimately establish markets and regulations for digital assets. Reserves may not even be second on the priority list, as cryptocurrency tax rules are also calling. — Jesse Hamilton Read more.
- Cryptocurrency exchange and wallet provider Blockchain.com has received approval from UK regulators nearly four years after seemingly giving up. On Tuesday, Blockchain.com was added to the Financial Conduct Authority’s (FCA) register of licensed cryptocurrency firms, trading under the name “BC Operations.” The London-based company chose to withdraw its FCA license application in March 2022 as it had not received approval by the upcoming deadline. Blockchain.com pivots to register operations in Lithuania. Registering in the UK allows Blockchain.com to conduct certain cryptocurrency-related activities in the UK, subject to compliance with money laundering and counter-terrorism financing rules. — Jamie Crowley Read more.
calendar
- February 10-12, 2026: Consensus, Hong Kong
- February 17-21, 2026: EthDenver, Denver
- February 23-24, 2026: NearCon, San Francisco
- March 24-26, 2026: Digital Asset Summit, New York
- March 30 – April 2026: EthCC, Cannes
- April 15-16, 2026: Paris Blockchain Week, Paris
- April 29-30, 2026: Token2049, Dubai
- May 5-7, 2026: Consensus, Miami
- September 29-October 1, 2026: Korea Blockchain Week, Seoul
- October 7-8, 2026: Token2049, Singapore
- November 3-6, 2026: Devcon, Mumbai
- 15-17 November 2026: Solana Breakpoint, London
