As shares of Robinhood began trading on the Nasdaq, CEO Vlad Tenev tells AP he wants Robinhood to be the only app that people use on their phones for money. That covers everything from depositing paychecks to paying bills to splitting payments.
Q: Your app makes it fun and easy to trade, but that’s something you get criticism for, both on Wall Street and from regulators. Is that criticism justified?A: I don’t think so. We accept that there’s always things that we could be doing better, and we’re investing a lot in making sure that customers are educated. Ultimately, though, more access is better. And the stock market in particular has been a great source of wealth creation for so many people.
A: If it’s being discussed or used pejoratively, certainly, because it’s such a broad brush. What you’re seeing is a lot of these customers building portfolios, and they’re largely buying and accumulating stocks. So I think a lot of people are engaging in long-term beneficial behaviors. So it is a little bit unfair that a large group of people is sort of painted with the brush of a relatively small group of people.
A: I think it’s a big, big mischaracterization because if you look at it, the stock market has been one of the greatest wealth creation tools. We should be encouraging access to it and not denigrating people that are able to use it. So in a sense, you’re hearing when wealthier customers are engaging in the stock market, it’s investing. But when the rest of us are accessing the stock market, it’s gambling. And I think that rhetoric just has to go.
A: It’s certainly an area we’re interested in. I mean, it’s in many ways the future of the financial industry, according to a lot of people. So we want to make sure that we’re there, and we’re serving customers well as they’re interested in exploring this new asset class. So, no doubt, crypto has been very culturally relevant through the first six months of the year.A: Over time, we want to be the single money app, the most trusted and most culturally relevant money app worldwide.
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