7/24, 11:32 PM (Source: TeleTrader)
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Robinhood CEO looking to offer retirement accounts

Robinhood chief executive officer Vlad Tenev revealed during an online Roadshow event on Saturday ahead of the company's IPO that he is interested in offering his app users retirement accounts such as IRA (Individual Retirement Account) and Roth IRA.

During a Q&A session, Tenev also mentioned that Robinhood is working on creating wallets for cryptocurrency users, allowing them to transfer their crypto from other platforms. However, the company is proceeding slowly and with caution, because if handled wrong, cryptocurrency can be impossible to be restored.

Chief financial officer Jason Warnick said Robinhood's revenue grew by 245% year-over-year in 2020, and 40% of monthly active users interact with the app daily. The company aims to go public on Nasdaq on July 29, setting the share price range between $38 and $42.

Breaking the News / LH