Robinhood to offer credits to some customers affected by the outages

Wednesday 25 March 2020 10:39 CET | News

Robinhood has been looking to rebuild trust with users by offering credits to some customers affected by recent trading outages, according to CNBC.

The startup saw multiple outages in March 2020 that caused traders to miss out on a historic market rally, the online publication added. Robinhood also said it has fixed engineering flaws that led to those glitches. Plus, it has strengthened its infrastructure, and is looking to rebuild its relationship with some clients after recent outages.

The trading app said it was experiencing technical issues that kept it offline for nearly two full trading days earlier in March 2020. As a result, Robinhood clients missed out on the biggest one-day point gain in the Dow Jones Industrial Average in history. On March 23, 2020, the trading startup emailed customers affected by tech glitches and promised to offer back credit determined on a case-by-case basis.

Still, the company would not comment on how many total users it now has, or total assets under management.

In 2019, Robinhood was valued at USD 7.6 billion after a its latest funding round led by DST Global. The startup has welcomed more that 10 million traders by offering free equity, options and cryptocurrency trading.

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Keywords: Robinhood, investment, money, Credits, outage, banking, fintech
Categories: Banking & Fintech
Countries: World
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