Robinhood Applies for Charter In Other To Offer Traditional Banking Services

Robinhood Applies for Charter In Other To Offer Traditional Banking Services

Robinhood Applies for Charter

Crypto trading platform Robinhood has applied for a bank charter with regulators in the United States.

 

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According to a statement, Robinhood says securing approval from the Office of the Comptroller of the Currency would be a first step towards being able to offer traditional banking products and services.

Any full-service bank would likely operate alongside its mobile-focused trading arm, which enables users to trade cryptocurrencies, funds and options on their phones and desktops.

In December, Robinhood had a set back on plans to offer a checkings and savings service to U.S. consumers. The company had claimed customer deposits of up to $250,000 would be insured by the non-profit Securities Investor Protection Corporation but it was later revealed that the entity only guaranteed funds for purchasing securities.

The company was recently valued at $5.6 billion after an investment round, making it the second most valuable fintech startup in the U.S.

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