Robinhood announces social trading app, roll out to start next year

The Robinhood crypto exchange has unveiled a new platform that will act like a social app for the crypto community. Called Robinhood Social, the platform has been created with the intention of letting crypto traders post about their investments, open dialogue on investment strategies, and connect with industry insiders.

Robinhood announced the development form the F1 Grand Prix Plaza in Las Vegas this week. Elaborating on its features, the Menlo Park, California-based exchange said the platform will be AI-enabled and will bring custom market indicators and scans.

“We unveiled Robinhood Social, a new trading community within the Robinhood app featuring live, verified trades and authentic profiles, where you can discuss strategies, follow experts, and more,” the exchange said in its statement.

The reason, Robinhood said it developed this platform, was the growing number of traders who have been relying on social media to understand the crypto market.

Through this platform, users will be able to track ongoing trades in real time, trace the performances of market experts, and follow hedge funds alongside crypto infulencers and industry insiders.

“Robinhood is no longer just where you trade – it’s your financial super-app,” said Robinhood CEO Vlad Tenev.

Starting next year, the exchange will start rolling out the app to a select number of clients by invitation in the U.S.

The concept of super-app, meanwhile, has been gaining traction especially now that SEC Chairperson Paul Atkins has also supported the idea. Atkins believes that the idea is to let trading apps offer multiple services, authenticated under the government’s compliance regime.

Coinbase CEO Brian Armstrong has also expressed his plans of converting the exchange into an “everything exchange” in the coming times.