Economic news

Trading app Robinhood agrees deal with Pluto Capital to tap into AI

2024.07.01 22:02

(Reuters) – Robinhood (NASDAQ:) Markets said on Monday it had bought artificial intelligence-powered investment platform Pluto Capital, adding the trading app to a growing list of companies looking to offer AI tools to customers.

Top technology companies are racing to build AI into their products and services. Generative AI, which aims to create human-like interactions by processing vast amounts of data, has taken the world by storm, with analysts expecting it to lead transformation across industries.

The Menlo Park, California-based company said the deal will give investors on its platform access to enhanced data analysis, personalized investment strategies as well as real-time insights and portfolio optimization.

Robinhood’s platform has seen a resurgence in trading activity after a prolonged slump as higher interest rates and heavy market volatility turned investors risk averse.

The company’s popularity and appeal is immortalized in the retail trading saga of 2021, when it became the platform of choice for retail investors who used it to pump money into so-called “meme stocks” during the pandemic-era lockdowns.

It has since sought to become a full-fledged financial services provider and has been chasing growth through deals and product launches that go beyond its traditional transaction-related revenues.

Last month, it agreed to buy crypto exchange Bitstamp for about $200 million in cash, in what was its biggest-ever deal.

© Reuters. FILE PHOTO: The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021.  REUTERS/Andrew Kelly/File Photo

Robinhood said Jacob Sansbury, Pluto’s founder and chief executive officer, will join the company, tasked with expanding and accelerating its AI-focused offerings.

Its shares were last down 0.6% in choppy trading. The company did not disclose the terms of the deal.



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 96,726.92 2.18%
ethereum
Ethereum (ETH) $ 3,791.21 1.08%
tether
Tether (USDT) $ 1.00 0.14%
xrp
XRP (XRP) $ 2.27 4.39%
solana
Solana (SOL) $ 235.58 2.83%
bnb
BNB (BNB) $ 717.11 2.97%
dogecoin
Dogecoin (DOGE) $ 0.426251 1.16%
cardano
Cardano (ADA) $ 1.16 1.99%
usd-coin
USDC (USDC) $ 1.00 0.09%
staked-ether
Lido Staked Ether (STETH) $ 3,791.58 0.96%
tron
TRON (TRX) $ 0.320464 5.03%
avalanche-2
Avalanche (AVAX) $ 50.39 4.24%
shiba-inu
Shiba Inu (SHIB) $ 0.00003 6.52%
the-open-network
Toncoin (TON) $ 6.79 1.59%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,492.17 1.27%
polkadot
Polkadot (DOT) $ 10.32 2.04%
chainlink
Chainlink (LINK) $ 23.18 4.00%
stellar
Stellar (XLM) $ 0.471092 4.37%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 96,688.91 1.83%
sui
Sui (SUI) $ 4.17 13.45%
bitcoin-cash
Bitcoin Cash (BCH) $ 586.15 1.01%
hedera-hashgraph
Hedera (HBAR) $ 0.287703 2.77%
weth
WETH (WETH) $ 3,793.24 1.16%
litecoin
Litecoin (LTC) $ 135.58 1.94%
near
NEAR Protocol (NEAR) $ 7.57 1.51%
uniswap
Uniswap (UNI) $ 15.20 2.50%
pepe
Pepe (PEPE) $ 0.000021 2.20%
leo-token
LEO Token (LEO) $ 9.39 1.40%
aptos
Aptos (APT) $ 13.56 3.67%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,997.20 0.98%
internet-computer
Internet Computer (ICP) $ 14.23 3.91%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.679165 4.10%
crypto-com-chain
Cronos (CRO) $ 0.202054 4.25%
ethereum-classic
Ethereum Classic (ETC) $ 35.52 5.59%
vechain
VeChain (VET) $ 0.064477 5.92%
usds
USDS (USDS) $ 0.998406 0.23%
render-token
Render (RENDER) $ 9.91 14.33%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.03%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.94 4.23%
bittensor
Bittensor (TAO) $ 677.71 3.51%
filecoin
Filecoin (FIL) $ 7.71 4.72%
arbitrum
Arbitrum (ARB) $ 1.10 3.08%
hyperliquid
Hyperliquid (HYPE) $ 12.62 11.02%
blockstack
Stacks (STX) $ 2.73 2.21%
kaspa
Kaspa (KAS) $ 0.159071 0.34%
mantle
Mantle (MNT) $ 1.14 10.39%
cosmos
Cosmos Hub (ATOM) $ 9.56 3.85%
algorand
Algorand (ALGO) $ 0.451423 6.12%
aave
Aave (AAVE) $ 247.69 3.02%
fantom
Fantom (FTM) $ 1.30 7.82%