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In this photo illustration the Robinhood Markets, Inc. logo is seen displayed on a smartphone screen.
Rafael Henrique | Sopa Images | Light flare | Getty Images
Retail brokerage Robin Hood launches new tool for more sophisticated traders as it seeks additional growth avenues.
The company introduced Robinhood Legend, a desktop platform aimed at active traders. The offering includes advanced charting tools for users who want to perform detailed stock analysis.
“In reviewing the trading tool landscape and speaking with active traders, we realized that there is frustration with traditional offerings,” said Steve Quirk, chief brokerage officer at Robinhood, in a statement from press.
“Specifically, switching between applications or charting platforms can be tedious and time-consuming. So we decided to reimagine what a modern, active trading platform should look like. designed intuitively, and built Robinhood Legend from the ground up so traders can do what they need in one place,” Quirk said.
Beyond the launch of Legend, Robinhood also announced that it will soon add index futures and options trading to its mobile platform. Customers are to be allowed to trade futures, according to the press release, and futures and index options will also be added to Legend.
The new additions to Robinhood are another example of the company looking to expand beyond its roots as a convenient platform for small traders. The company’s rise coincided with the “meme stock” phenomenon in early 2021, as retail boomed in the wake of the Covid-19 pandemic.
Robinhood shares, of all time
Since then, Robinhood has been steadily adding new offerings, including a credit card for Robinhood Gold subscribers and a digital wallet for holding cryptocurrencies.
“Historically, we’ve done very well on mobile with younger people and people who primarily invest and trade on mobile. But about half the market is on desktop web, where you have more screen real estate, you can do more sophisticated things like having charts and data in the same interface And so we weren’t really a player in that space,” Robinhood CEO and co-founder Vlad Tenev said on. CNBC’s “Squawk Box.”
Robinhood said it had $139.7 billion in assets under custody at the end of the year. second trimesterwith 11.8 million monthly active users. For the comparable quarter in 2021, at the height of the GameStop craze, Robinhood reported $102 billion in assets but 21.3 million monthly active users. The company’s next earnings report is scheduled for October 30.
Robinhood shares are up more than 100% so far this year.
Thursday’s announcements were part of the HOOD Summit, a conference for Robinhood customers.