Introduction
A shared trading desk for tokenized equities.
Version 0.1. Last updated 5 September 2026.
Quorum is a shared trading desk for tokenized equities, built on Robinhood Chain and rented by the seat.
Professional trading firms operate through a desk: a standing team of analysts, a risk function that watches the whole book, and an execution layer that measures the quality of every fill. These functions are expensive because they are paid for once and shared across the firm's entire capital base. Individual investors have historically had access to the trading interface and nothing behind it.
Quorum takes the desk itself and makes it a shared resource. One set of analysts covers every stock token. One risk engine monitors every seat holder's book. One execution router handles every order. The cost is divided across all seats, and the output is available to every seat holder equally.
Why Robinhood Chain
Robinhood Chain is a purpose-built Layer 2 for tokenized real-world assets, with stock tokens available for trading around the clock. It is the first venue where tokenized equities have both a regulated issuer and a public, permissionless settlement layer.
Two properties make it the right home for Quorum.
Continuous markets.
Stock tokens trade outside traditional exchange hours. Coverage, risk monitoring, and execution therefore need to operate continuously. A shared desk staffed by AI analysts is the only economical way to provide that.
Two execution paths.
Users outside the United States can trade stock tokens directly on chain. Users inside the United States can connect a Robinhood Agentic account through the Model Context Protocol. Quorum supports both paths from a single desk.
The desk
The desk is organised into four layers. Each layer is shared across all seats.
Data
The desk maintains a single set of data feeds covering every stock token listed on Robinhood Chain: regulatory filings, earnings transcripts, corporate actions, options flow, on-chain flow for the tokens themselves, and macro releases. Feeds are purchased once and amortised across every seat.
Coverage
Each sector is covered by a standing analyst agent. Analysts maintain a live thesis on every ticker in their sector and update it when new information arrives. Coverage is continuous rather than on request. When a company reports, the relevant analyst updates the thesis once and every seat holder sees the update at the same time.
Every thesis includes a summary, the supporting evidence, the last update time, and a confidence score. Thesis history is retained so that users can see how a view has changed over time.
Risk
The risk layer monitors every seat holder's book at the portfolio level. It tracks concentration, sector and factor exposure, drawdown against user-defined limits, and correlation between positions.
Because the risk layer sees every book on the desk, it also monitors crowding: the degree to which seat holders are converging on the same positions. If crowding exceeds a threshold, the risk layer surfaces this to all affected users and may reduce the confidence weighting on the crowded thesis.
Risk limits are set by each user and enforced by the desk. The risk layer can decline to route an order that would breach a user's own limits. It cannot override a user's decision to change those limits.
Execution
The execution layer routes orders across available liquidity on Robinhood Chain and, where a user has connected one, through the user's own Robinhood Agentic account. Orders are split and timed to reduce impact in thin markets.
Fill quality is measured against the prevailing mid-price at the time of the order and published on chain. Execution quality is therefore verifiable by anyone rather than claimed by Quorum.
Seats
A seat is the unit of access to the desk.
4.1 What a seat grants
Full access to coverage on every ticker, portfolio risk monitoring on the holder's own book, and the right to route orders through the desk's execution layer.
4.2 Supply
Seat supply is capped. Research and risk capacity are finite, and a desk that serves too many books serves each of them worse. The initial cap will be published before the first allocation.
4.3 Transferability
Seats are on-chain positions and can be transferred or sold on secondary markets. A royalty on secondary transfers is directed to the Desk Treasury (see Section 6).
4.4 Seat fees
Seat holders pay a recurring fee for access to the desk. The default mechanism is a yield skim: the holder deposits stock tokens, those tokens are lent through supported lending markets, and the seat fee is drawn from the lending yield. The deposited principal remains the property of the holder at all times.
Where lending yield is unavailable or insufficient, seat fees are payable in stablecoins.
Custody and permissions
Quorum is non-custodial.
User assets remain in the user's own wallet or the user's own Robinhood Agentic account. The desk never takes possession of user funds, user stock tokens, or user private keys.
Execution is authorised through scoped permissions. Each user defines the capital the desk may route, the tickers it may trade, the order types it may use, and the risk limits it must respect. Permissions are revocable at any time and expire automatically at the interval the user sets.
Every action the desk takes on a user's behalf is recorded on chain and attributable to a specific permission grant.
The Desk Treasury
The Desk Treasury is a smart contract that receives a fixed share of seat fees and all secondary seat royalties.
The Treasury holds its assets in stock tokens and stablecoins. It does not hold user assets and is fully separate from user custody.
Treasury assets are used for two purposes, in proportions set by governance:
- 01Sustaining the desk. Data feeds, model inference, and infrastructure are paid from the Treasury.
- 02Distribution to stakers. A share of Treasury growth is distributed to QRM stakers in stock tokens or stablecoins.
QRM token
QRM is the governance and access token of Quorum. It will be introduced after the desk is operational and the first seat allocation is complete.
7.1 Purpose
QRM allows holders to participate in the economics of the desk and to shape its scope. It is a utility and governance asset. It does not represent equity in any company and confers no ownership of Quorum's operating entity.
7.2 Staking tiers
Staking QRM unlocks tiers of access. Tiers are checked continuously and adjust immediately if the staked balance changes.
| Tier | Requirement | Benefits |
|---|---|---|
| Analyst | Minimum stake | Full coverage access without a seat, priority in seat allocations |
| Desk | Higher stake | Analyst benefits plus reduced execution fees and priority routing |
| Partner | Highest stake | Desk benefits plus Treasury distributions and a reserved seat that cannot be transferred away from the holder |
Exact thresholds will be published before staking opens.
7.3 Lock periods
Unstaking is subject to a seven-day delay. An optional ninety-day lock applies a multiplier to both tier weighting and distribution share. Lock periods discourage short-term capital from capturing distributions immediately before an epoch closes.
7.4 Governance scope
QRM stakers vote on two matters:
- Which tickers the desk adds to or removes from coverage.
- The Treasury split between desk sustainment and staker distribution.
Governance scope is intentionally narrow. Core desk functions, risk methodology, and execution logic are maintained by the Quorum team and are not subject to token votes.
Transparency
The following are published on chain and are publicly verifiable:
- 01Every fill routed through the desk, with execution quality against mid-price
- 02Every thesis update, as a hash of the thesis content and its timestamp
- 03Every risk intervention, including declined orders and crowding notices
- 04Treasury balances, inflows, and distributions
- 05Seat supply, transfers, and royalty payments
Quorum will maintain a public dashboard presenting this data. The underlying records are available directly from Robinhood Chain without reliance on Quorum's interface.
Security
Smart contracts governing seats, permissions, the Treasury, and staking will be audited before mainnet deployment. Audit reports will be published in full.
Quorum intends to pursue formal verification of core contract properties, including permission scoping and Treasury asset segregation, using machine-checked proofs where the tooling supports it.
Model outputs are subject to the risk layer. The desk does not place an order on the basis of a thesis alone. Every order must pass the user's own limits and the desk's crowding checks.
A public bug bounty programme will be announced alongside the audit reports.
Roadmap
Dates are indicative and will be updated as milestones are met.
- Phase 1.Desk preview.
Coverage live on an initial set of stock tokens. Read-only access. Public thesis log.
- Phase 2.Seats.
First seat allocation. Risk layer live on seat holders' books. Execution routing through user-authorised permissions.
- Phase 3.Treasury and QRM.
Treasury contract deployed. QRM introduced. Staking tiers and governance opened.
- Phase 4.Full coverage.
Every stock token on Robinhood Chain covered. Public execution quality dashboard. Formal verification of core contracts.
Frequently asked questions
Is Quorum a trading bot?
Quorum is a desk. A bot is a strategy that executes trades. The desk is the research, risk, and execution infrastructure that a strategy relies on. Users bring their own decisions or their own strategies. The desk gives them institutional-grade support for making and executing them.
Does Quorum hold my assets?
It does not. Assets stay in your wallet or your Robinhood Agentic account. The desk operates under permissions you define and can revoke.
Can the desk trade without my approval?
Only within the limits you set. You define the capital, tickers, order types, and risk limits. The desk cannot exceed them.
Who can use Quorum?
Availability depends on jurisdiction. Stock tokens on Robinhood Chain are currently available to users outside the United States. United States users can connect through a Robinhood Agentic account where available. Quorum will publish supported jurisdictions before seat allocation.
What happens if the desk is wrong?
Theses carry confidence scores and are recorded on chain, so accuracy is auditable over time. The risk layer exists precisely because any single view can be wrong. Users remain responsible for their own positions.
How is Quorum different from an AI assistant connected to my broker?
An assistant works alone, for one user, on request. The desk works continuously, for every seat at once, with shared data, shared coverage, and portfolio risk that sees across books. The difference is the same as the difference between one analyst with a laptop and a research department.
When does QRM launch?
After the desk is operational and the first seat allocation is complete. Quorum will publish the token contract address on official channels only. Any token presented as QRM before that announcement is unrelated to Quorum.
Legal
Quorum provides research, risk monitoring, and execution infrastructure. It does not provide personalised investment advice and does not act as a broker, dealer, or investment adviser in any jurisdiction.
Tokenized equities and digital assets carry significant risk, including total loss. Past performance of the desk, any thesis, or any execution route is not indicative of future results.
Access to Quorum is restricted in certain jurisdictions. Users are responsible for determining whether their use of Quorum is lawful where they are located.
QRM is a utility and governance token. It is not offered as an investment and is not available to persons in jurisdictions where such distribution would be unlawful.
Quorum is an independent project and is not affiliated with, endorsed by, or operated by Robinhood Markets, Inc. or any of its subsidiaries.
Contact
X: @QuorumDesk
Official announcements are made through the X account only. Quorum will never contact users directly to request funds, keys, or seed phrases.
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