Robinhood Applies for Charter In Other To Offer Traditional Banking Services
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.
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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.