Stock-trading unicorn Robinhood has revealed that over ten million people have accounts on the platform.
“We’re delighted to share that more than ten million people have accounts on Robinhood,” the company said in a blog post. “We believe participation is power. We founded this company to break down barriers to our financial system. To do that, we spent our earliest days holding customer research sessions, so we could better understand how to serve a new generation of investors.”
The blog post went on to saying that since Robinhood entered the market with its commission-free stock-trading platform, the company has evolved to include commission-free crypto-trading, a premium offering, a newsletter and a podcast.
Robinhood also stated that it would soon unveil a new competitive rate interest rate on uninvested cash.
The blog also noted that other brokerages have launched similar products. This is something FinTech Global has reported on in the past, with Twitter founder Jack Dorsey’s payment company Square having launched a similar product and Y Combinator, the seec accelerator, is at least supporting two startups – GreenTiger and TradeID – who are launching similar services in India and in Indonesia.
The milestone comes just days after it was revealed that Robinhood is no longer pursuing a bank charter application in the US and an embarrassing bug enabled users to borrow unlimited amounts of money to trade on the platform. The bug was later widely spread on Reddit.
Copyright © 2019 FinTech Global