Robinhood Markets is launching new services, including a cash delivery option and an AI-driven research assistant for traders.
The updates, announced on March 27, involve the company’s online banking division, Robinhood Banking, which will offer savings accounts to Gold subscribers through Coastal Community Bank. Subscribers will also be able to request physical cash deliveries on demand.
Robinhood CEO Vlad Tenev compared the feature to modern convenience services like Uber or Postmates, emphasizing the gap in innovation within traditional banking.
“Grocery and meal deliveries are commonplace, yet banking has remained largely tied to ATMs and branch offices,”
Tenev said in a livestream. He noted that cash delivery has historically been reserved for high-net-worth clients receiving large sums via armoured vehicles, whereas Robinhood aims to make it accessible to everyday users.
The service will be subject to geographic limitations, as outlined in the firm’s terms and conditions, though specifics on delivery personnel and selection criteria remain undisclosed.
Robinhood will also roll out an AI-driven research assistant, Cortex, later this year. The tool will be available exclusively to Gold subscribers for $5 monthly, providing real-time market analysis and stock recommendations. Developed over two years with input from traders, Cortex aims to give users a competitive edge in the stock market. Additionally, the company is set to introduce “Robinhood Strategies,” a platform that will offer a combination of single stocks and exchange-traded funds (ETFs).
Robinhood is expanding its presence in emerging asset classes, recently adding several memecoins like Pengu (PENGU), Pnut (PNUT), and Popcat (POPCAT) to its platform. In October 2024, the company also launched Bitcoin and Ethereum futures trading. Abhishek Fatehpuria, the VP of product management, hinted at further crypto integrations, but specifics are limited. Robinhood’s prediction betting markets hub also launched on March 17, contributing to an 8% increase in its stock price. However, by March 26, Robinhood Markets (HOOD) closed at $44.73, reflecting a 7.1% decline, and continued to drop after hours by another 2.84%, according to Google Finance.
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