Robinhood Aims for U.K. Expansion with 2024 Trading App Launch
Summary:
Digital trading platform Robinhood reveals plans to penetrate the U.K. market with its stock trading application beginning in 2024. The launch will enable the trading of 6,000 U.S. stocks and a 24-hour trading feature. This global expansion attempt follows a postponed launch in 2020.
Digital trading entity Robinhood has disclosed an intention to broaden its international reach, targeting the United Kingdom for the introduction of its stock trading application. During a conversation with Bloomberg, the company's CEO and co-founder, Vladimir Tenev, mentioned the app's growing waitlist for those keen on gaining early access. He stated plans to progressively unveil the platform across the U.K. starting in early 2024. Tenev articulated Robinhood's aim to be the premium destination for investments in U.S. stocks using U.S. dollars in the U.K., an expectation he believes they can exceed. The groundbreaking launch will permit U.K.'s market to negotiate on 6,000 U.S. stocks. Moreover, Tenev revealed that Robinhood would soon introduce its 24-hour trading feature in the U.K., a product first debuted in the U.S. Related: In one day, Cathie Wood’s ARK purchases 1.1M Robinhood sharesThis fresh endeavor hails the return of Robinhood's aspirations to cater to a larger, global audience. With the co-founders being immigrants or children of immigrants, the global vision for Robinhood has been solid since inception, as stated by Tenev. However, this is not Robinhood' s maiden attempt to rupture the U.K. market. The firm tried to launch the trading app in the U.K. in 2019 after gaining endorsement from the Financial Conduct Authority (FCA), a crucial U.K. regulator. Yet, in 2020, it announced a pause on its U.K. launch, putting an indefinite hold on its plans for global expansion. Magazine: AI Eye: Bets on ChatGPT’s stock picks reach 25K traders, AI flops at dice throws, among other updates.
Published At
11/30/2023 8:24:30 AM
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