Robinhood, the Silicon Valley-based inventory and cryptocurrency investing app in style amongst youthful generations for its "gamified," user-frien
Robinhood, the Silicon Valley-based inventory and cryptocurrency investing app in style amongst youthful generations for its “gamified,” user-friendly interface and zero-fee buying and selling, has reportedly determined to abort its launch in the UK “indefinitely”.
Based on CNBC on July 21, Robinhood knowledgeable its British clients who had been signed as much as the waitlist since November that the corporate will probably be specializing in its dwelling market within the close to future. A spokesperson said:
“Loads has modified on this planet over the previous few months, and we’ve made the troublesome resolution to postpone our U.Ok. launch indefinitely. As an organization, we’re refocusing our efforts on strengthening our core enterprise within the U.S.”
Moreover, the assertion reads that Robinhood’s world enlargement plans have been frozen “for now”, which means that the app will stay U.S.-centered within the close to future.
Robinhood’s U.Ok. enlargement has been rumored since at the very least early 2019, and was de-facto confirmed in August that 12 months, when the buying and selling app secured regulatory approval there.
App’s reputation and buyer tragedy
Robinhood’s reputation has reportedly surged on the again of the worldwide lockdown — throughout the first quarter of 2020, the Millennial-focused app noticed a report three million new accounts.
In June, the app discovered itself in scorching water after its 20-year-old buyer Alexander Kearns dedicated suicide reportedly after seeing a unfavourable steadiness of greater than $730,000 in his account. Though Robinhood has declined to share particulars citing privateness considerations, he was probably buying and selling put choices and didn’t notice that his unfavourable money steadiness was short-term, based on Forbes.
Robinhood has since vowed to enhance buyer expertise by including extra instructional content material and introduced a $250,000 donation to the American Basis for Suicide Prevention.