Robinhood (HOOD) completed two major acquisitions in June: cryptocurrency exchange Bitstamp and AI-powered investing platform Pluto. Robinhood CEO Vladimir Tenev appeared on Wealth! to discuss these moves and how the trading platform is leveraging both crypto and artificial intelligence.
“The real catalyst for Robinhood's creation was mobile and cloud. These two big technology shifts allowed us to carve out a niche for our business because no one was focusing on mobile. Now there are two more technology shifts impacting our space: artificial intelligence and cryptocurrency, which have the potential to completely reshape how financial services are delivered to customers, both at the infrastructure level and at the service level. We think about it every day and are positioning Robinhood to succeed and be a leader in these two shifts.”
Tenev explained that Robinhood has a very large cryptocurrency business in the retail market, calling the company a “dark horse in this space.” When it comes to AI, he said the financial industry hasn't embraced the technology, adding, “I think tech companies that started with technology-first DNA have an obligation to help the financial industry make that transition successfully and safely.”
In its second-quarter earnings report, Longbinhood revealed that the platform's cryptocurrency revenue grew 161% year-over-year.
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This post was written by Melanie Leal
