Robinhood Enters the Desktop Trading Arena with ‘Robinhood Legend’
Robinhood Markets Inc. (HOOD) has made waves at the HOOD Summit 2024 by introducing its new desktop trading platform, ‘Robinhood Legend.’ This move signifies a pivotal shift for the company, broadening its reach beyond its mobile-first strategy and aiming to become a more encompassing wealth management platform.
The need for a desktop platform was highlighted by Robinhood’s Chief Brokerage Officer, Steve Quirk, who emphasized the substantial portion of retail trading happening on desktop computers. “About 50% of all retail trading happens on a mobile device and about 50% of it happens on a desktop. We, up to this point, had only been competing on the mobile front. Now we have an alternative,” Quirk stated during an appearance on CNBC Overtime.
Targeting Sophisticated Investors with Advanced Features
Robinhood Legend is designed to appeal to a more discerning group of retail investors, offering advanced charting capabilities with up to eight simultaneous charts and enhanced technical indicators. This caters to users seeking greater control and insights into their trading activities.
The platform’s initial success is evident, with the first thousand early access spots being claimed within a minute of their release. This strong demand showcases the user base’s eagerness to embrace the new platform.
Part of a Broader Strategic Expansion
This move comes on the heels of several strategic initiatives undertaken by Robinhood to expand its offerings and solidify its position in the market. The company recently launched futures and index options trading at the HOOD Summit 2024, signifying a significant expansion of its trading capabilities.
Furthermore, Robinhood’s acquisition of Bitstamp is expected to accelerate its growth in the cryptocurrency space. Johann Kerbrat, General Manager for Robinhood Crypto, has pointed out the potential impact this acquisition will have on the company’s crypto products.
Robinhood’s expansion into desktop trading is poised to further strengthen its presence in the market, attracting a wider range of investors and reinforcing its commitment to providing a comprehensive trading experience. The company’s growth trajectory has garnered attention within the industry, with CBOE CEO Fred Tomczyk describing it as “an eye-opener.”
Market Impact and Stock Performance
Robinhood’s stock closed at $26.32 on Thursday, experiencing a slight dip of 2.27% for the day. However, the stock saw a modest increase of 0.38% in after-hours trading. Notably, Robinhood’s stock has witnessed substantial growth this year, rising by 112.77% year-to-date, according to data from Benzinga Pro. The launch of Robinhood Legend and the company’s ongoing expansion efforts are likely to continue shaping its trajectory in the coming months.