The Silicon Valley-based stock and cryptocurrency investing app, Robinhood, renowned for its “gamified,” user-friendly interface and zero-fee trading, has reportedly decided to abort its launch within the U.K. “indefinitely”.
In line with CNBC on 21st July, Robinhood informed its British customers who had been signed up to the waitlist since November that the firm will be focusing within its home market in the near future. A spokesperson stated:
“There have been a lot has changed within the world over the past few months, and we’ve made the difficult decision to postpone our U.K. launch indefinitely. As a company, we are refocusing our efforts on strengthening our core business within the U.S.”
Adding further, the statement reveals that Robinhood’s global expansion plans are frozen “for now”, meaning that the application will remain United States – centered within the mere future.
Robinhood App & Record Breaking 3 Mln New Accounts
Robinhood’s popularity has reportedly surged on the rear of the worldwide lockdown – during the primary quarter of this year, the Millennial-focused app saw a record 3 Mln new accounts.
As reported by EtherDesk earlier in June, the application found itself in controversies after its 20-year-old user Alexander Kearns committed suicide reportedly after seeing a negative balance of over $730k in his account. Although Robinhood has declined to share details citing privacy concerns, he was likely trading put options and didn’t realize that his negative cash balance was temporary.
Robinhood has since vowed to enhance customer experience by adding more educational content and announced a $250k donation to the American Foundation for Suicide Prevention.