A Job Ad is Raising Eyebrows about What Might be Next for the Trading Startup
The stock and crypto trading app, Robinhood, has been moving at a breakneck pace since the start of the year and now rumors are swirling that the company is launching a cryptocurrency wallet. A Job board for crypto engineers found a posting for a multiskilled engineer. Specifically, prospective candidates will be required to “build out new functionality… such as adding new currencies or providing wallet functionality,” as well as “utilize blockchains for new features or infrastructure.”
This job posting comes a month after Robinhood raised more than $300 million to build out its cryptocurrency platform. A report out of Bloomberg announced that the company was in constructive talks to become a banking services provider.
That’s a move that has become increasingly common among single-use case fintech companies as they try to grow and retain their customer base for the long term. SoFi and Moven, for example, have expressed their intent in the past year to pursue a license.
“People have been finding out about Robinhood through crypto, and then they’ve been adopting our other products like equities and option, said CEO Vlad Tenev.”The day we announced crypto, trading activity was much bigger than that day. That was a big day, but we’ve also seen continuous and sustained growth.”
“We’ve cemented our place as the best value, lowest cost provider in the market,” he said. If Robinhood does want to forge a path into banking, he said, this would give the company a leg up on Coinbase, which charges higher fees for comparable services, as well as competing industry incumbents like Fidelity or Schwab who could be forced by more customer-centric, low-to-no-fee companies to start competing more on price.