Robinhood launches platform to go after bigger, more active traders

Retail brokerage agency Robinhood is launching a brand new instrument for extra refined merchants because it seems for added avenues for progress.

The agency launched Robinhood Legend, a desktop-based platform for energetic merchants. The providing consists of superior charting instruments for customers who wish to do detailed evaluation of shares.

“In wanting on the panorama of buying and selling instruments and by speaking with energetic merchants, we realized there may be frustration with legacy choices,” Steve Quirk, chief brokerage officer at Robinhood, stated in a press launch.

“Particularly, transferring forwards and backwards between apps or charting platforms could be cumbersome and time consuming. So we got down to reimagine what a contemporary, intuitively designed energetic buying and selling platform ought to appear to be, and constructed Robinhood Legend from the bottom up so merchants can do what they want in a single place,” Quirk stated.

Past the launch of Legend, Robinhood additionally stated it should quickly add futures buying and selling and index choices to its cellular platform. Prospects have to be granted approval to commerce futures contracts, in line with the press launch, and futures and index choices will finally be added to Legend as nicely.

The brand new additions for Robinhood are one other instance of the agency trying to broaden past its roots as a handy platform for small-dollar merchants. The agency’s rise coincided with the “meme inventory” phenomenon in early 2021 as retail buying and selling boomed within the aftermath of the Covid-19 pandemic.

Since then, Robinhood has been steadily including new choices, together with a bank card for Robinhood Gold subscribers and a digital pockets to carry cryptocurrencies.

“We have executed very nicely on cellular traditionally amongst youthful folks and folk that primarily make investments and commerce on cellular. However about half of the market is on desktop internet, the place you might have extra actual property on the display, you are able to do extra refined issues like have charts and information in the identical interface. And so we weren’t actually a participant in that area,” Robinhood CEO and co-founder Vlad Tenev stated on CNBC’s “Squawk Field.”

Robinhood stated that it had $139.7 billion in belongings beneath custody on the finish of the second quarter, together with 11.8 million month-to-month energetic customers. For the comparable quarter in 2021, close to the peak of the GameStop mania, Robinhood reported $102 billion in belongings however 21.3 million month-to-month energetic customers. The agency’s subsequent earnings report is scheduled for Oct. 30.

Shares of Robinhood are up greater than 100% to date this yr.

The bulletins on Thursday had been a part of HOOD Summit, a convention for Robinhood’s prospects.