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Robinhood Builds Social Network-like Trading Platform

Robinhood Builds Social Network-like Trading Platform

Before it was valued at $7.6 billion, the original thought for Robinhood was a stock-trading social platform. At a kitchen table in San Francisco in 2013, the founders thought of an app for sharing hot tricks to a feed complete with a leaderboard of whose predictions had been most correct.Robinhood Builds Social Network-like Trading Platform

As soon as they had SEC permission, they pivoted toward the real money generator: letting people purchase and sell shares in the app and pay to borrow cash to do so.

Robinhood is subtly taking the baby steps back to its start. It’s launching Profiles. They let users follow analytics about their portfolio, like how concentrated they’re in stocks versus options or cryptocurrency, in addition to across different enterprise sectors.

Complete with usernames and a photograph, Profiles let users follow self-made or Robinhood-provided lists of shares and other belongings.

Profiles could give Robinhood’s clients the boldness to trade more, and build a sense of lock-in that stops them from straying to other commissions that have left their per-trade fees to zero to match the startup, such as Charles Schwab, Ameritrade and E*Trade, which was purchased for $13 billion today by Morgan Stanley.

The Profile features sound helpful. They could show that a portfolio is too centered around technology, media, and telecom shares, or that a user is ignoring cryptocurrency or corporations from your home state.

About the author

Jay Timmons

Jay leads the team of two geeks dedicated for the Other Tech column. He is always found seeking information about development in the tech sector. He has been working with the group since 2016