According to recently released reports from Techcrunch, Robinhood, the well-known stock trading and crypto trading app, based in the United States of America, is planning to venture into the foreign lands of United Kingdom.
Today’s world, with the steady growth in the popularity and use cases of cryptocurrencies, many app-based investment tools have come up. Robinhood, an iOS and Android app designed as an investment tool is one such example which is being used to connect ordinary people with financial markets. It was around this time, last year when Robinhood announced an extension into cryptocurrencies, allowing for no-fee crypto tracking and trading. Soon, Robinhood users will be able to purchase bitcoin and other digital coins alongside more traditional investment options.
The Robinhood app had sparked a lot of expectations, even in the days when its launch was being planned in the U.S. and ever since its launch, the main selling point of the app had been the feature which allowed trading “without fees” (although subject to a large spread, as free orders, are only processed at the end of the day). The large spread in orders, may, however, prove to be an added risk when using this type of free trading services for highly volatile markets such as cryptocurrencies.
The reports say that “sources within London’s thriving fintech industry” have assured that Robinhood is as of now, hiring several positions based in the United Kingdom. These positions are inclusive of departments like recruitment, operations, marketing, PR, customer support, compliance, and product. Apparently, the task of making these recruitments is being conducted with the utmost discretion.
However, it is not as if Robinhood will usurp the market there. On its London bound journey, the company will have to face fair competition from local companies like Freetrade and Revolut.