Robinhood’s stock hit record highs with its crypto token launch, but shares slid after OpenAI denied involvement, warning the tokens aren’t legitimate equity.

The tokenized versions of U.S.-listed stocks and ETFs are first available to EU users and are issued on Arbitrum, with future plans to deploy them on the firm's own blockchain.

The financial-services platform is making a smart move by getting deeper into cryptocurrencies, analysts say, as it will expand its customer base.