Robinhood is Looking to Give People New Banking Services
At the end of January, the company made an announcement that they would put BTC and Ether to their growing platform. The announcement made more than one million people sign up. And only after a month after the inception in February’s cryptocurrency rollout. By March it was raised to a cool five and a half billion-dollar valuation after three years of being in operation. And last month, mid-May they watched the services grow from one or two in the United States to ten.
Unnamed resources have made a new suggestion about a free crypto and stock trading application known as Robinhood is making new negotiations within the United States in regard to prospects for it turning into a bank. They are looking to compete with traditional services like that in savings accounts. The process is still in early stages, with preliminary actions being taken, like an arrangement like this that could end up being the future of world banking.
New banking laws in the United States effectively stop the Robinhood team from moving forward on their own regard. Bloomberg is insisting the company is still in very early meetings about regulators to start giving users products that operate like banks do along with different licensed products. The meetings were between the Office of the Comptroller of Currency, which also handles and regulates all banks that operate internationally as well as federal savings associations.
Anyone who was associated with the matter took the procedures needed to push that nothing solid has been decided. Also, the progress is moving forward, meaning the company is likely to partner up with another institution, instead of letting it go.
Whether the case or other startups have moved along or not, similar lines with a knack for poaching customers not happy with the traditional banking systems interest rates. There is a friction happening on the online experience, and people who want to all of their financial dealings in one easy to use application. Is this a good move or not for Robinhood? Let us know in the comments below.