Investment platform, Robinhood, has plans to launch in the U.K. as early as the start of 2024, according to CEO Vlad Tenev.
New features launching
“The intention is, for the U.K. market, Robinhood to be the best place to invest in U.S. stocks and U.S. dollars, and we believe we can fulfill that need better than anyone else,” Tenev told Bloomberg’s Tom Mackenzie.
In an interview with Bloomberg, Tenev announced the company has plans to launch commission-free share trading of U.S. stocks as well as a 5% ADR on invested cash and its 24-hour trading feature within the U.K.
“I think that’s particularly useful for consumers here because there’s just less overlap between waking hours and U.S. East Coast hours,” Tenev said. “So that’ll just make it a lot more usable and a lot more welcoming for customers to invest here.”
A global company
Tenev’s announcement marks the third time the investment platform has tried to set up shop in the U.K.
Robinhood was set to launch in the U.K. in 2020, but the company postponed its plans due to the COVID-19 global pandemic. In 2022, Robinhood purchased the British-based crypto-trading app, Ziglu, before the deal ultimately fell through.
The investment platform’s expansion into the British market is the long-overdue realization of Tenev’s long term vision for the company.
“I aspire for Robinhood to be a global company,” said Tenev. “Baiju and I started this company as immigrants and children of immigrants. And so, the idea of making our services available…to anyone, anywhere in the world with a smartphone is just the vision I’ve had in mind since the very beginning. And it starts with the U.K.”
A regulatory framework
When asked whether the fall of FTX and Binance’s severe regulatory punishment present an opportunity for Robinhood to acquire market share, Tenev stated, “It’s certainly an opportunity.”
Referencing Binance and FTX, Tenev continued that overall “it’s good for the industry to have unscrupulous actors weeded out.” He also claimed that in order for crypto to be globally accepted, there must be “a foundation of regulatory compliance” that is “integrated more and more into the traditional financial system.”
His statements echo those made yesterday by U.S. Deputy Treasury Secretary, Wally Adeyemo, at the Blockchain Association Policy Summit in D.C.
“We have built a regulatory framework that traditional financial firms not only adhere to, but help us to implement,” Adeyemo remarked. “These firms have invested in tools, personnel, and processes that help us identify and capture criminals, terrorists, and others that seek to move money illegally.”
“We need those in the digital asset industry to do the same,” Adeyemo stated.
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