Robinhood has introduced plans to droop the proposed launch of its buying and selling app within the UK because it needs to deal with its enterprise within the U.S.
Robinhood just lately introduced plans to droop the UK launch of its app. The corporate revealed its plan in an electronic mail despatched to the virtually 250 thousand UK clients on its ready record. Primarily based in California, the fintech firm provides buying and selling providers to buyers and clients on its cellular app and web site. Now, the commission-free firm has scrapped its plan to deal with its main enterprise within the U.S. A spokesman of the corporate additionally confirmed the announcement in a latest assertion saying:
“A lot has changed in the world over the past few months, and we’ve made the difficult decision to postpone our UK launch indefinitely. As a company, we are focusing our efforts to strengthen our core business in the US.”
Nonetheless, the assertion instructed that the corporate is open to launching within the UK at a later date:
“Although our global expansion plans are on hold for now, we are committed to demonstrating finance for more people around the world. We look forward to the day when we can bring this mission to the UK.”
Earlier Robinhood Plans to Launch App within the UK
Robinhood introduced a “coming to the UK” for the primary time in 2019. The corporate revealed the plan in a weblog put up on the 19th of November. Additionally, in November, the fintech firm opened a waitlist for its UK clients. This was after securing its dealer authorization from the Monetary Conduct Authority.
With the app’s launch, the corporate stated its clients would be capable to put money into most worldwide firms. A few of the proposed firms embody Amazon.com Inc (NASDAQ: AMZN), Nike Inc (NYSE: NKE), and Apple Inc (NASDAQ: AAPL). In keeping with the preliminary plan, UK clients would have choices to put money into over 3,000 U.S. shares and greater than 1,000 shares globally. A UK launch would have been Robinhood’s first market outdoors the U.S.
Since its app launch in 2013, Robinhood has developed over time and now has over 13 million customers. The agency additionally makes use of its commission-free benefit to focus on younger people who find themselves new to investing. In keeping with a report by Investopedia, the fintech agency presently has about “10 million accounts held by an unknown number of customers.”
The report additionally revealed the foremost points of interest Robinhood provides its clients. The corporate provides low fees for buying and selling in addition to offers clients prompt entry to deposited money. As well as, the Robinhood app and web site are easy and non-complicated.
Not too long ago, lawmakers within the US have been placing Robinhood underneath strain to enhance the buying and selling app’s safety and interface. This was after a 20-year-old dealer, Alexander Kearns, dedicated suicide on the 12th of June following confusion over his destructive steadiness of $730,000. CNN reported that “the Kearns family believes Alexander was misled by the app’s interface suggesting he owed $730,000, when that was not really the case.”
Tolu is a cryptocurrency and blockchain fanatic primarily based in Lagos. He likes to demystify crypto tales to the naked fundamentals in order that anybody anyplace can perceive with out an excessive amount of background data.
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