Robinhood: Built its own L2 based on Ethereum due to its security and liquidity

According to CoinDesk, Robinhood's head of crypto business, Johann Kerbrat, stated that the company chose to build its Ethereum Layer-2 network on Arbitrum rather than launching an independent Layer-1, primarily to directly benefit from Ethereum's security, decentralization, and EVM ecosystem liquidity, allowing them to focus on core products like tokenized stocks.

Robinhood's own L2 is currently still in the private testnet phase, with tokenized stocks already deployed on Arbitrum One, allowing for seamless migration of assets and liquidity when the new chain goes live. So far, the number of tokenized stocks at Robinhood has expanded from the initial approximately 200 to over 2000.