Silicon Valley trading platform Robinhood Markets Inc (NASDAQ:HOOD), which sprung to fame during the 2021 meme stock frenzy, is preparing to open its services up to UK customers.
First reported by the Telegraph, the group has published numerous job listings on LinkedIn.
One says the group is “expanding internationally this year as Robinhood is hiring world-class talent in the UK”.
Robinhood is very much tailored to the younger retail investing scene. This put it in a relatively good position during the 2020/21 Covid-era market crash, as traders flocked to so-called ‘meme stocks’ as a way of short-squeezing private equity investors.
US companies Gamestop, AMC and Bed Bath & Beyond were targeted by Robinhood users, who pumped the price of these companies, causing panic among private equity houses shorting these stocks.
The company went public on the Nasdaq on 29 July 2021, under the stock ticker HOOD. The opening price was $38 but has since plummeted to less than US$13.
Robinhood received a subpoena in December 2022 from the US Securities and Exchange Commission (SEC) related to the listing and custody of cryptocurrencies on its subsidiary, Robinhood Crypto.
Throughout the year, the group implemented rounds of job cuts as its brief moment in the meme-stock spotlight came to an end.
Disgraced crypto mogul Sam Bankman-Fried was a major investor in Robinhood, causing a hit to the platform’s reputation.