Robinhood Markets is an American financial service known for pioneering commission-free trades of stocks and exchange-traded funds.
Robinhood was founded in April 2013 by Vladimir Tenev and Baiju Bhatt, who had previously built high-frequency trading platforms for financial institutions.
The company's name comes from its mission to "provide everyone with access to financial markets, not just the wealthy."
The firm was first published on AppStore in December 2014; the app officially launched in March 2015.
On January 25, 2018, Robinhood announced a waitlist for commission-free cryptocurrency trading, the waitlist grew to more than 1,250,000 on the first day.
Robinhood Crypto later added support for Bitcoin Cash, Dogecoin, Ethereum Classic, and Litecoin.
On March 2, 2020, Robinhood suffered a systemwide, all-day outage during the largest daily point gain in the Dow Jones' history, preventing users from performing most actions on the platform.
Robinhood restricted trading in certain stocks, such as GameStop and AMC back in January 2021. The restrictions came as retail investors, largely from Reddit subreddits, caused a frenzy in heavily shorted stocks.
Then, in June 2021, Robinhood was fined $57 million by FINRA and was been ordered to pay $13 million in restitution to clients affected by the outages.
During the coronavirus pandemic, trading on Robinhood increased.
The company went public on the Nasdaq on July 29, 2021, under the ticker “HOOD.”
As of 2021, Robinhood has 31 million users.