Robinhood CEO Reveals Market Penetration and Expansion on Cards

Shumaila  |  Mar 20, 2021

Vladimir Tenev, CEO of Robinhood, a popular crypto trading platform, has revealed imminent plans of market penetration and company expansion by adding new class assets to trade and ramping up of crypto workforce. Robinhood recently got into a legal snag after its impromptu decision to restrict the trading of GameSpot's shares on its platform.

Robinhood Penetrates into the ever Growing Crypto Market

In a live YouTube podcast on its official account, Vlad Tenev disclosed that the company was actively looking to add new trading assets for better market penetration into the rapidly expanding crypto-industry. This move also includes beefing up the crypto workforce which would aid the impending growth.

This could also include the plausible launch of a cryptocurrency wallet as a means of digital asset storage. Tenev, however, quickly retracted his statement that this is a slow process as it takes time before development picks up.

The zero-fee trading stockbroker allows customers to buy crypto assets on their apps but it doesn't allow the users to deposit or transfer them. Despite this drawback, Robinhood has reported, in its February release, a growth of 6 million from last year's meager 401,000 user base.

Market Expansion Despite Legal Snags

The beginning of 2021 has proven to be turbulent for Robinhood when in January, the crypto stockbroker landed into legal trouble after it froze several investors' trades that were buying up shares of the struggling retailer GameStop.

Following this pronouncement, several lawmakers including Rep. Alexandria Ocasio-Cortez criticized this move while the affected investors filed a class-action lawsuit against the crypto brokerage firm leading to its subsequent bad publicity.

Commenting on this, Tenev explained: “We’re doing as much as we can to get the true story out there. I think there is going to be some documentaries and some movies that will help blast it out to a wider audience. But part of it’s also like people love these stories and the fake, simple story is more interesting than kind of like the true, boring complicated story.”

 

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