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Retail brokerage firm Robinhood is introducing a new tool aimed at sophisticated traders to expand its growth opportunities. The new offering, called Robinhood Legend, is a desktop platform designed for active traders. It features advanced charting tools for users interested in in-depth stock analysis. According to Steve Quirk, chief brokerage officer at Robinhood, the firm recognized a need for a more modern and user-friendly active trading platform, hence the development of Robinhood Legend.
In addition to the launch of Legend, Robinhood also announced plans to incorporate futures trading and index options into its mobile platform, with eventual inclusion in Legend. Customers will need approval to trade futures contracts. These developments mark Robinhood’s efforts to broaden its services beyond catering to small-dollar traders, especially since the surge in retail trading during the Covid-19 pandemic and the meme stock phenomenon in early 2021.
Since its inception, Robinhood has continuously introduced new features such as a credit card for Robinhood Gold subscribers and a digital wallet for cryptocurrencies. CEO and co-founder Vlad Tenev acknowledged the importance of expanding to desktop web interfaces to cater to a wider market with more sophisticated trading needs.
As of the second quarter, Robinhood reported $139.7 billion in assets under custody and 11.8 million monthly active users. This is a shift from the figures reported during the GameStop mania, with $102 billion in assets and 21.3 million monthly active users in the comparable quarter of 2021. Robinhood’s stock has seen a significant increase of over 100% this year. The recent announcements were made during the HOOD Summit, a conference for Robinhood’s customers.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.