According to anonymous sources, Robinhood App is planning to become a bank. The company is in negotiations with US regulators.
It’s still too early to talk about, but the banking system might embrace some changes. This year was a promising one for the US financial services company based in Palo Alto, California. It seems that success has encouraged the company to develop innovative projects, reported Bloomberg.
The stock market experienced a huge success by the end of January 2018 when the company announced it would list Bitcoin (BTC) and Ethereum (ETH) to its portfolio. This has brought in a short period of time more than 1 million new users and by the beginning of March an income of 5.6 billion dollars. As previously reported by Coindoo, the market has expanded its activity from one to ten US states in the last period, which indicates that the business thrives quickly.
Robinhood App is in negotiations with US regulators
According to sources whose names are not disclosed, the famous crypto trading platform is in talks with US regulators to determine the prospects it can offer as a bank. Robinhood has demonstrated during the last three years the ability to expand and increase its number of consumers to millions. The fact that it wants to provide savings accounts shows a broader change in the financial services industry.
Considering US legislation, the free crypto trading app is not capable of making the wanted changes without the support of country’s regulators. Bloomberg reported that the company is “in early discussions with regulators to begin offering banking-like products through different licenses or partnerships.” Discussions take place between it and “the Office of the Comptroller of the Currency, which charters and regulates all national banks and federal savings associations.”
Those interested in this sector and especially the Robinhood App services were disturbed that no information is yet official. However, if the project is to be developed, most crypto users assume that the company will collaborate with existing businesses.