U.S. fintech Robinhood announced on Wednesday more than 10 million people have signed up for accounts on its platform. Publicly launched in 2015, Robinhood is notably on a mission to democratize our financial system. The company offers commission-free trading through on e platform.
“Trading in stocks, ETFs and options is offered through Robinhood Financial LLC, member SIPC. Cryptocurrency trading is offered through Robinhood Crypto, LLC. Since our public launch in 2015, we’ve enabled millions of people to participate in the markets, cementing us as one of the fastest-growing brokerage firm ever in terms of customer accounts.”
Speaking about the latest milestone, the Robinhood team stated:
“Rooted in this customer focus, we pioneered commission-free stock and ETF trading with no account minimums. And since then, we’ve added commission-free options trading, commission-free crypto trading through Robinhood Crypto, our premium offering Robinhood Gold, the Robinhood Snacks newsletter and podcast, and soon, a competitive interest rate on uninvested cash through your brokerage account. As a result, we’re seeing changes across the industry: Other brokerages have dropped their commission fees, removing a needless barrier from the financial lives of millions. ”
The latest milestone comes just a few weeks after Robinhood reportedly pulled its application for a national bank charter filed with the Office of the Comptroller of the Currency (OCC). As previously reported, Robinhood filed for a “Charter National Bank Under Holding Company” in April of 2019. This was not for the elusive Fintech Charter which remains in limbo due to lawsuits filed against the OCC as well as intense lobbying by the friends of traditional banks. A spokesperson commented on the voluntary action at the time:
“Robinhood will continue to focus on increasing participation in the financial system and challenging the industry to better serve everyone. We appreciate the efforts and collaboration of all the parties we worked with throughout this process.”