Arrive, which is a subsidiary of Jay-Z’s entertainment firm Roc Nation, announced in early February 2018 that it is investing in the trading platform Robinhood. Robinhood offers commission-free trading of U.S. stocks, ETFs/options, and in January, it announced it would soon be offering free cryptocurrency trading as well. Arrive focuses on funding startups and providing “high-growth companies with both capital and consumer engagement through cultural influence.”
Robinhood, Champion of Equitable Financial Access
“We believe in Baiju and Vlad’s mission to make the financial markets more accessible and cost efficient for customers of all size. Robinhood will have our support as they execute the long-term vision of their company,”
Arrive President Neil Sirni said of founders Vlad Tenev and Baiju Bhatt, who launched the platform in 2015. Their goal was to make trading easy for anyone through a mobile app and to eliminate the $7 to $10 trade fees charged by most brokerages. In October 2017, they also launched Robinhood for Web, a web platform with investment research and discovery tools. Bhatt told CNN a few years back when the financial services company was first getting off the ground:
“The ability to participate in the stock market is a huge privilege that we as Americans have. Getting it more accessible to large audiences is a huge opportunity,”
Robinhood now has more than 3 million users and was most recently valued at $1.3 billion, the company reports. Over 80 percent of users are millennials and it is currently the fastest-growing brokerage.
Rapper and entrepreneur Jay-Z (Shawn Carter) is not the first artist in his field to back Robinhood — rappers Nas and Snoop Dogg invested in the fall of 2014, along with actor Jared Leto.
Crypto-Trading on Robinhood Imminent
Robinhood’s crypto-trading is due to begin this month and more than 1 million people have already signed up.
Bhatt recently said:
“It is fairly obvious that people care about [cryptocurrency]. We want to be there and help shape the way the industry goes with a better platform at a better price,”
Featured image via The Come Up Show, Flickr.