Monday’s purchase of Pluto Capital by Robinhood Markets added the trading app to a growing number of companies offering AI solutions to customers
Companies at the forefront of the technology industry are scrambling to incorporate AI into their products and services. Generative AI, which endeavors to generate human-like interactions by processing immense quantities of data, has captivated the world, with analysts anticipating that it will drive industry-wide transformation.
The Menlo Park, California-based company announced that the agreement will provide investors on its platform with access to real-time insights, portfolio optimization, personalized investment strategies, and enhanced data analysis.
After a protracted period of stagnation, Robinhood’s platform has experienced a surge in trading activity due to increased interest rates and market volatility, which has caused investors to become more risk-averse.
The retail trading saga of 2021 immortalizes the company’s popularity and appeal, as it became the preferred platform for retail investors who utilized it to invest in “meme stocks” during the pandemic-era lockdowns.
It has since established itself as a comprehensive financial services provider by pursuing growth through product launches and transactions that exceed its conventional transaction-related revenues.
In its largest-ever transaction, it consented to acquire Bitstamp, a cryptocurrency exchange, for approximately $200 million in cash last month.
Robinhood has announced that Jacob Sansbury, the founder and CEO of Pluto, will be joining the company to spearhead the expansion and acceleration of its AI-focused offerings.
In recent trading, its shares experienced a 0.6% decline. The organization did not disclose the parameters of the agreement.
