Robinhood CEO: Trading business is a customer acquisition engine, and we will fully enter wealth management in the future.

BlockBeats news, September 19: Robinhood CEO Vlad Tenev stated that the company aims to be more than just a trading app, but to attract users through trading products such as stocks, cryptocurrencies, and prediction markets, and gradually convert them into long-term service clients for retirement accounts, investment advisory, banking, and wealth management.

Tenev said that active traders are the "engine room and foundation" of Robinhood's business, with trading products helping the company acquire customers, while businesses like retirement accounts are more important for long-term growth. By the end of the second quarter this year, Robinhood's funded accounts increased by 7% year-over-year to 28 million, but average revenue per user grew by 24% year-over-year.

Tenev also stated that over the next few decades, more than $100 trillion in generational wealth transfer will occur globally, and Robinhood hopes to further provide services such as trusts, estate planning, private wealth management, and private banking as users' wealth grows.