Robinhood is studying whether it should launch US retirement accounts, the company's Co-Founder Vlad Tenev said during a webcast, Reuters reports. He added that the fintech company has been hearing a lot from its customers about adding this feature.
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"We want to make first-time investors into long-term investors," Tenev added.
Robinhood also plans to allocate from 20% to 35% of shares offered to its users as the company is targeting a valuation of up to $35 billion in its IPO. However, it remains unclear if the company wants to introduce the new feature before going public.
Earlier, Robinhood's cryptocurrency arm — Robinhood Crypto — agreed to pay New York regulators at least $10 million of fine for allegedly violating cybersecurity and anti-money laundering requirements. The Menlo Park-based company admitted it might pay up to $15 million to settle the case.
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