Robinhood Markets Inc (NASDAQ: HOOD) CEO Vladimir (Vlad) Tenev joined CNBC’s Power Lunch on Friday to discuss the company amid a downturn of retail investors.
Tenev noted that while retail investing was down across the board from the COVID-19 bull-market rally, Robinhood remained in the early stages and was ready to capitalize on a shift in the financial services industry.
Tenev pointed to some of Robinhood’s more recent products and offerings as examples of how the company would be able to replace traditional banks for younger customers. The app already offered users a competitive 4.9% APY rate on uninvested cash, ...