Robinhood Plans to Launch in the U.K. in Early 2024
According to CEO Vlad Tenev, investment platform Robinhood is preparing to launch in the U.K. by the beginning of 2024. Tenev stated that the company aims to become the best platform for investing in U.S. stocks and dollars in the U.K. market.
New Features Coming Soon
In an interview with Bloomberg, Tenev revealed that Robinhood plans to introduce commission-free share trading of U.S. stocks, a 5% ADR on invested cash, and a 24-hour trading feature for U.K. customers. The 24-hour trading feature is particularly beneficial for customers in the U.K., as it aligns with U.S. East Coast hours and makes investing more accessible.
A Long-Awaited Expansion
This will be Robinhood’s third attempt at entering the U.K. market. The company initially planned to launch in 2020 but delayed due to the COVID-19 pandemic. In 2022, Robinhood acquired Ziglu, a British crypto-trading app, but the deal fell through.
Tenev sees the expansion into the British market as a crucial step towards making Robinhood a global company, fulfilling his long-term vision for the platform.
Seizing Regulatory Opportunities
Tenev believes that recent regulatory actions against FTX and Binance present an opportunity for Robinhood to gain market share. He emphasizes the importance of regulatory compliance for the global acceptance of cryptocurrencies and their integration into traditional financial systems.
A Call for Regulatory Compliance
Tenev’s statements align with those made by U.S. Deputy Treasury Secretary Wally Adeyemo, who emphasized the need for the digital asset industry to adopt a regulatory framework similar to traditional financial firms. Adeyemo highlighted the investments made by these firms in tools and processes that aid in identifying and preventing illegal activities.
Hot Take: Robinhood’s Expansion Signals Growing Opportunities
Robinhood’s plans to launch in the U.K. indicate the company’s commitment to expanding its global presence and offering its services to a wider audience. With new features like commission-free share trading and extended trading hours, Robinhood aims to provide a user-friendly experience for U.K. investors interested in U.S. stocks and dollars.
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