Robinhood is to launch its American stock business in the British market.
In another attempt to expand its business globally, online trading platform Robinhood has announced plans to launch its stock exchange app in the UK.
Robinhood founder and CEO Vladimir Tenev said in an interview with Bloomberg that the app has opened a waiting list for early access. The executive added that the company They said they are set to gradually open the platform to everyone in the UK in early 2024.
“The aim is for the UK market to be the best place for Robinhood to invest US equities, US dollars, and we believe we can fill that need better than anyone else.”
The launch will allow users in the UK market to trade 6,000 stocks in the US. According to Teneve, Robinhood offers its 24-hour trading feature in the UK. According to Tenev, the feature was recently implemented in the US.
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The move restarts Robinhood's attempt to reach a more global market. “I want Robinhood to be a global company. That was the plan from the beginning,” Tenev said.
“Beiju and I started this company with refugees and migrant children and therefore the idea of doing our service […] It's just a vision that I had in mind from the beginning for anyone in the world,” Tenev explained in an interview.
This isn't the first time Robinhood has tried to break into the UK market. In the year In 2019, the company attempted to launch its business app in the UK after receiving approval from the UK's chief regulator, the Financial Conduct Authority. However, in 2020, the company announced that it was postponing its UK operations and putting its international expansion plans on hold indefinitely.
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