Robinhood trading app experiences outage, back online

By John McCrank and Anna Irrera NEW YORK (Reuters) - Robinhood Markets Inc, the fintech startup credited with helping popularize trading with millennials, said on Thursday it experienced a major trading outage and that while its systems were back online, it was still working to resolve the problem. 'This morning, customers may have experienced issues with some of our services. We're starting to see improved performance and are continuing to monitor the issue,' said spokeswoman Lavinia Chirico.

Reuters June 19, 2020 01:05:30 IST
Robinhood trading app experiences outage, back online

Robinhood trading app experiences outage back online

By John McCrank and Anna Irrera

NEW YORK (Reuters) - Robinhood Markets Inc, the fintech startup credited with helping popularize trading with millennials, said on Thursday it experienced a major trading outage and that while its systems were back online, it was still working to resolve the problem.

"This morning, customers may have experienced issues with some of our services. We're starting to see improved performance and are continuing to monitor the issue," said spokeswoman Lavinia Chirico.

Robinhood, based in Menlo Park, California, has experienced several outages since early March, particularly on days of high trading volumes as the market reacted to news on the economic impact of the coronavirus pandemic.

Similar to previous outages, customers have taken to social media to criticize Robinhood, threatening to switch brokerages.

"Unacceptable for this to keep happening," one user said on Twitter. "Give me one reason why I should continue to trade using your platform?" asked another.

Robinhood has been at the center of a recent upsurge in day trading by retail investors, who have been homebound due to coronavirus lockdowns.

Founded by co-chief executives Baiju Bhatt and Vladimir Tenev in 2013, Robinhood is one of the most popular and well-funded financial technology startups. Last month, it raised $280 million from investors at a valuation of $8.3 billion dollars.

The company now has over 10 million user accounts. Customers at the brokerage, which has been credited for helping usher in commission-free trading throughout the retail brokerage industry, have a median age of 31, the company said recently.

(Reporting by John McCrank and Anna Irrera, Editing by Aurora Ellis and Nick Zieminski)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Cryptocurrency prices tumble and exchange trading falters as snags crop up
News & Analysis

Cryptocurrency prices tumble and exchange trading falters as snags crop up

NEW YORK (Reuters) -The price of cryptocurrencies plunged and crypto trading was delayed on Tuesday, a day in which El Salvador ran into snags as the first country to adopt bitcoin as legal tender. Shares of blockchain-related firms also fell as crypto stocks were hit by trading platform outages. But the major focus was on El Salvador, where the government had to temporarily unplug a digital wallet to cope with demand.

Ford poaches Apple's car project chief Doug Field
News & Analysis

Ford poaches Apple's car project chief Doug Field

By Joseph White and Sanjana Shivdas (Reuters) -The head of Apple Inc's car project, Doug Field, is going to work for Ford Motor Co to lead the automaker's advanced technology and embedded systems efforts, a hiring coup for Ford Chief Executive Jim Farley.