Robinhood Markets Inc is considering launching U.S. retirement accounts, CEO and co-founder Vlad Tenev said on Saturday in a webcast with users of its trading app looking to participate in its initial public offering, which is set to price next week.
The online brokerage has about 18 million funded investment accounts on its platform, most of which are held by retail traders.
Due to the penalties involved in withdrawing money, IRAs tend to attract long-term investments, rather than the quick flip in stocks, options and cryptocurrencies that some investors turn to Robinhood for. Robinhood launched its IPO Access platform earlier this year to enable users to buy into the IPOs of other companies if it can negotiate deals with the investment banks handling them.
Tenev said in Saturday's webcast that Robinhood had invested in the stability of its platform to avoid another such incident.Robinhood's popularity has soared over the past 18 months of coronavirus-induced social restrictions that have kept many retail investors at home. It has said its mission is to "democratize finance for all" by allowing users to make unlimited commission-free trades in stocks, exchange-traded funds, options and cryptocurrencies.
Robinhood chief financial officer Jason Warnick left the door open for the company to change the practice if necessary.
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