Robinhood Markets has revealed plans to offer physical cash delivery and an AI-powered trading assistant to select customers.
In a blog post published on March 27, the firm said its online banking division, Robinhood Banking, will soon provide savings accounts to Gold-tier subscribers via Coastal Community Bank.
“You could be sitting at home and decide to get a cash delivery the same way you’d want to order an Uber or a Postmates,” said Robinhood CEO Vlad Tenev during a livestream announcement. He added that while many services have evolved with technology, banking has remained tied to traditional methods like ATMs and physical branches.
One of the standout features of the service is an on-demand cash delivery option, allowing users to receive cash at home similarly to ordering from Uber or Postmates.
Despite recent innovations, Robinhood’s stock (HOOD) closed down 7.1% on March 26 at $44.73, with an additional 2.84% dip after hours, according to Google Finance.
This follows the company’s recent launch of a prediction betting market on March 17, which helped drive an 8% surge in its stock.
Abhishek Fatehpuria, Robinhood’s VP of product management, confirmed that the firm is exploring ways to integrate cryptocurrencies more deeply into its platform.
Massachusetts Secretary of State Bill Galvin confirmed that his office issued a subpoena to Robinhood last week.
Just recently, Massachusetts securities regulators launched an investigation into Robinhood’s prediction markets, which allow users to place bets on various real-world events—including college basketball tournaments.