Stock Trading App Robinhood Wants to Become a Bank

Robinhood

Robinhood stock trading app: A National Banking Charter is attractive to many financial tech companies but alas! it is very hard to get. That hasn’t stopped California-based stock trading app Robinhood from approaching regulators at the Office of Comptroller of the Currency (OCC), with an ambition to acquire necessary licenses allowing it to receive a national banking charter. This would effectively class the platform as a bank. 

The idea is to become a more official banking platform, covering all bases; from cryptocurrency to stocks and fiat accounts for its customers. Currently, Robinhood boasts a 4 million …

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