Robinhood allows users to transfer assets from external accounts
Robinhood (HOOD) now allows its members to transfer stocks, ETFs and certain option contracts from outside brokerage accounts, unrelated to retirement.
Customers can use the new functionality to consolidate their accounts. Until now, the service known as the Automated Customer Account Transfer Service (ACATS) has only been implemented for outgoing transfers.
The company reimburses all transfer fees, up to $ 75, for those who request it.
Robinhood strives to become a one-stop money application destination for its approximately 22 million customers.
“We want to become the most reliable and culturally relevant currency app in the world,” CEO Vlad Tenev said on the company’s conference call following its second quarter results earlier this year.
Robinhood has been working on rolling out a crypto wallet, which it plans to make available to all of its users during the first quarter of next year.
More than one million clients had signed up for the portfolio during Robinhood’s third quarter earnings conference call in late September.
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