Robinhood Decided To Capitalize On The Distribution Of Money In The USA

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Online broker Robinhood launched a fundraising campaign amid the distribution of “helicopter money” in the United States. Bloomberg reports this with reference to company representatives.

As part of the Robinhood Cash Rewards program, the broker announced bonuses ranging from $ 10 to $ 250 for deposits ranging from $ 200 and up to $ 15,000 over the next two weeks.

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A Robinhood spokesman said the initiative had nothing to do with the cash incentive program. In company added that Robinhood regularly conducts such initiatives. However, how often such campaigns are carried out, the online broker declined to elaborate.

Earlier, the US Congress approved a $ 1.9 trillion plan to support the American economy, under which most Americans will receive direct payments of $ 1400.

Robinhood catches the wave

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The bonus program from the broker appears just a month after he was at the center of the scandal over the actions of traders with Reddit.

In January, users of the American service Reddit decided to buy shares of unprofitable companies “for fun”. As a result, in the period from January 8 to January 25, the value of GameStop shares soared from $ 18 to $ 157. After Robinhood urgently stopped trading in “hype stocks”, Reddit traders took up cryptocurrencies.

However, this did not stop the online broker, which limited trading in cryptocurrencies. According to Robinhood, the reason for the close of trading was “extraordinary market conditions”.

The traders’ decision to buy up losing stocks resulted in the broker even having to borrow $ 1 billion from financial institutions and funds to weather the surge in market volatility.

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