Robinhood grew its consumer based mostly tenfold in about three years by bringing in youthful generations to the finance world, co-CEO of the cell
Robinhood grew its consumer based mostly tenfold in about three years by bringing in youthful generations to the finance world, co-CEO of the cell inventory buying and selling app, Vladimir Tenev, instructed CNBC’s Jim Cramer on Wednesday.
The beginning-up earlier that day introduced that it has registered more than 10 million accounts to its platform, up from 1 million in 2016. Tenev, launched Robinhood with fellow CEO Baiju Bhatt in 2013 earlier than releasing it to the general public in 2015, mentioned reaching the 1 million mark was a “milestone.”
“I feel it is only a testomony to what we have been capable of do,” he mentioned in a “Mad Money” interview. “We’re pleased with the truth that we have enabled so many youthful traders and first-time traders to have entry to the markets as a result of we consider that the extra those that have entry to the markets and might begin investing earlier the higher off our financial system can be.”
Primarily based in Silicon Valley, Robinhood is used largely by millennials to commerce shares and cryptocurrency. The corporate, which acts as a commission-free dealer, has been credited with pushing conventional brokerage companies to supply commission-free companies. Charles Schwab, E-Trade, Interactive Brokers and TD Ameritrade all moved to drop transaction charges for his or her prospects in latest months.
Within the wake of the 2008 monetary disaster, the founders needed to usher in “disenfranchised” millennials…