Robinhood’s popularity has soared in the United States, as the mobile trading app—which includes cryptocrypto buying and selling—has racked up significant new user counts and funding rounds alike.
However, Robinhood’s plans of launching in the UK soon were perhaps too ambitious. CNBC reports that the service has sent a message out to those who signed up for its UK waitlist to inform them that the app will in fact not be launching in the foreseeable future.
“A lot has changed in the world over the past few months, and we’ve made the difficult decision to postpone our UK launch indefinitely,” a Robinhood spokesperson told CNBC. “As a company, we are refocusing our efforts on strengthening our core business in the US.”
“Although our global expansion plans are on hold for now, we’re committed to democratizing finance for more people around the world,” the spokesperson continued. “We look forward to the day when we can bring this mission to the UK.”
Democratizing finance for all means more accessible financial information for the next generation of investors. Through Robinhood Learn, we aim to provide helpful resources to guide you in your financial journey.https://t.co/Xl3mBgnHqApic.twitter.com/daIz5nVKSv
Robinhood secured broker authorization from the UK Financial Conduct Authority (FCA) in summer 2019 before launching its waitlist last November. CNBC reports that Robinhood’s UK website will be taken offline, waitlist email addresses will be deleted, and some of the company’s 10 UK employees will be moved to US teams while others will be laid off.
Robinhood has experienced significant ups and downs over the last few months, including onboarding more than 3 million new users so far this year by May and reporting a $600 million total Series F financing round that raised the company’s valuation to $8.6 billion.
However, the trading app also stumbled multiple times in March during the peak of the economic crisis, becoming unavailable at times while users struggled to manage their holdings.
Robinhood, the popular mobile investment app that also lets users buy and sell cryptocurrencies, announced today that it has raised another $320 million as part of a Series F round first announced in May.
The latest sum comes from both new and existing investors, with the company calling out TSG Consumer Partners and IVP as two of the key firms in a small update to its previous blog post. Today’s news was first reported by Fortune.
In May, Robinhood announced that it had raised a $280 million Se...
In June, 20-year-old Alexander Kearns committed suicide after reportedly seeing a $730,000 negative balance in his account while trading options, as he noted in a letter left for his family.
Robinhood co-founders and co-CEOs Vlad Tenev & Baiju Bhatt issued condolences to his family in a blog post while promising to make interface and experience improvements to the app, including restricting some access to options trading. The company also pledged $250,000 to the American Foundation for Suicide Prevention.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Wellgistics Health, a publicly traded healthcare infrastructure firm, plans to accept payments in XRP and will add Ripple Labs’ token to its corporate treasury—aligning the business with a growing list of publicly traded companies that have embraced digital assets in the U.S.
Tampa-based Wellgistics plans to adopt XRP for payments infrastructure that will connect manufacturers directly to pharmacies, the company said Thursday in a statement. The firm's blockchain-powered platform, which is stil...
Bitcoin is coming to the drive-thru.
American fast food chain Steak ‘n Shake said Thursday it will begin accepting the world’s largest crypto at all of its U.S. locations starting May 16, giving its more than 100 million customers the option to pay for milkshakes and burgers in BTC.
“The movement is just beginning,” the company posted on X.
Unlike high-margin retailers, fast food chains run on thin margins and high volume, making Steak ‘n Shake’s Bitcoin rollout a real-world stress test for the...
On Thursday, Bitcoin miner MARA Holdings reported a staggering $533 million net loss for the first quarter this year, despite amassing Bitcoin at a record pace and steadily growing its year-over-year revenue.
The company's Q1 earnings reported a 30% jump in revenue to $214 million, with its Bitcoin holdings ballooning to 47,531 BTC, a 174% increase from just 17,320 BTC a year ago.
Still, the company's results missed Wall Street’s expectations. Its net income loss expanded to $533 million (at $1....