The renowned fintech startup Robinhood Markets Inc., credited with helping & assisting trading with millennials, recently on yesterday revealed that it had resolved a problem that had caused a “major outage” on its platform earlier on the day.
While adding further, within an official release by the company, it added:
“Our systems are fully restored and our app and web platforms are now functional. We apologize for the issues caused and appreciate your patience as we worked to resolve this.”
Robinhood, based in Menlo Park, California, has experienced these kinds of several outages since early March, particularly on days of high trading volumes as the crypto market reacted to news on the economic impact due to the ongoing COVID outbreak.
However, similar to previous outages, customers took to social media to criticized Robinhood, threatening to shift to other brokerages.
“Unacceptable for this to stay happening again & again,” one user on Twitter said. “Give me one good reason why I should still trade using your platform?” asked another.
Robinhood has been at the middle of a recent upsurge in day trading by retail investors, who are homebound, well thanks to COVID lockdowns.
Founded by co-chief executives Baiju Bhatt and Vladimir Tenev earlier in 2013, Robinhood is one among the foremost popular and well-funded financial technology startups. Last month, it was able to raise over $280 Mln from investors at a valuation of $8.3 Bln dollars.
Technical Issues Are Not For The Very First Time
Robinhood now serves over 10 Mln user accounts. The company offers the public a simple avenue into the stock and crypto investment world. The platform touts no fees. Over the last couple of years, the platform has added various cryptocurrencies to its platform, pushing the industry further into the mainstream.