Start-up Robinhood tops 10 million accounts even as industry follows in free-trading footsteps

Silicon Valley start-up Robinhood has more than 10 million accounts, the company said Wednesday.

Robinhood has grown rapidly from its one million subscribers in 2016 and six million users in October of 2018.saidThe Silicon Valley start-up, mostly used by millennials to trade stocks and cryptocurrency, has grown rapidly from its one million subscribers in 2016 and six million accounts in October of 2018.

Robinhood has attained its growth while disrupting the brokerage industry when it started offering stock trading for free in 2013. This fall, all of the major retail brokers followed suit and dropped commission fees on stock trading to keep up with the trend that Robinhood set. "We founded this company to break down barriers to our financial system," the company said in a blog post. "As a result, we're seeing changes across the industry: Other brokerages have dropped their commission fees, removing a needless barrier from the financial lives of millions."

Robinhood chose not to be greedy. Everybody else was, and customers come first at Robinhood.

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Source: CNBC - 🏆 12. / 72 Read more »