Robinhood CEO Vlad Tenev and Paxos CEO Charles Cascarilla on How to Avoid Another GameStop - Ep.236

In this discussion I moderated for Paxos, Robinhood CEO Vlad Tenev and Paxos CEO Charles Cascarilla discuss GameStop, the broken traditional financial infrastructure, and how blockchain technology may change the future of settlements. Show highlights:

why Robinhood stopped trading on GameStop and AMC stock earlier this year what both Charles and Vlad think the feasibility of T+0 settlements versus Citadel’s and the DTCC’s aim of T+1 settlements  how the GameStop scenario would have been different in a T+0 environment  what it would look like if certain markets used T+0 settlements while others still settled on T+1 why Robinhood decided to add crypto back in early 2018 how Robinhood’s crypto operations work on the back end why Robinhood does not allow users to move crypto off-platform whether securities trading or crypto will be a larger portion of both Paxos’ and Robinhood’s business model what Paxos and Robinhood have planned for the near future
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Episode Links:

People:

Charles Cascarilla

Linkedin
https://www.linkedin.com/in/charlescascarilla/
Coindesk Profile
https://www.coindesk.com/charles-cascarilla-most-influential-2020
Previous interview with Laura
https://unchainedpodcast.com/chad-cascarilla-on-paxoss-partnership-with-paypal/
Blog post on the GameStop saga
https://www.paxos.com/what-lehman-brothers-gamestop-and-the-next-financial-crisis-have-in-common/

Vlad Tenev

Twitter
https://twitter.com/vladtenev
CNN Article
https://www.cnn.com/2021/02/01/investing/robinhood-gamestop-vlad-tenev/index.html
Tweet Thread on T+2
https://twitter.com/vladtenev/status/1356687248746455041

Companies:
Paxos
Twitter
https://twitter.com/PaxosGlobal

Paxos Settlement Service
https://www.paxos.com/securities/
https://www.reuters.com/article/us-crypto-currencies-paxos/paxos-to-launch-settlement-of-u-s-listed-equities-after-secs-no-action-letter-idUSKBN1X727M

Wall Street Journal write-up
https://www.wsj.com/articles/blockchain-makes-inroads-into-the-stock-markets-1-trillion-plumbing-system-11573131600

Robinhood

Twitter
https://twitter.com/RobinhoodApp
Robinhood Crypto
https://robinhood.com/us/en/about/crypto/
Public offering
https://blog.robinhood.com/news/2021/3/23/robinhood-markets-inc-confidentially-submits-draft-registration-statement

Miscellaneous Links

Citadel on settlements
https://www.theblockcrypto.com/post/95326/citadel-robinhood-shorter-settlements-congress
DTCC on settlements
https://www.dtcc.com/news/2021/february/24/dtcc-proposes-approach-to-shortening-us-settlement-cycle-to-t1-within-two-years

Other:

Caitlin Long Unchained episode:
https://unchainedpodcast.com/caitlin-long-why-avanti-will-be-a-new-kind-of-crypto-bank/