Robinhood’s goal of becoming a one-stop shop for millennials has gained traction with the announcement of new premium features coming to their Gold membership. According to its CEO, Baiju Bhatt, the goal is to democratize America’s financial system by making investing accessible to the little guy, CNBC reports.
The zero-fee stock-trading app introduced “Robinhood Gold,” offering users instant deposits and reinvesting, pre-market trading options and personal borrowing benefits for $10 a month. Yesterday, the company announced a suite of new features at half the original monthly cost.
For $5 a month, eligible members will have access to larger instant deposits and $1,000 of interest-free deposits. Gold subscribers will also have access to Nasdaq Level 2 market data and access to over 1,000 exclusive research reports from Morningstar analysts.
The company stated in a blog post that the recent developments are part of a “continued effort to help [users] make more informed investment decisions.”
In late January, Robinhood was granted a BitLicence by the New York Department of Financial Services, allowing its customers to buy Bitcoin using debit cards.