Source: Cointelegraph Original: "{title}"
The trading platform Robinhood Markets plans to offer cash delivery services to customers while providing an AI research assistant for trading advice.
In a blog post on March 27, the company stated that its online banking division, Robinhood Banking, will offer savings accounts to its gold users through a partnership with Coastal Community Bank, with the option for on-demand delivery of physical cash.
"Robinhood Markets CEO Vlad Tenev said during a live broadcast, 'You can sit at home and decide to call for a cash delivery just like you would call for Uber or Postmates.'
He added that while grocery and meal delivery services are now available, banking "has not yet moved beyond branches and ATMs."
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"In the past, cash delivery was a service provided by some private bankers for high-end clients. But this service is not quite the same. The amount of cash is much larger and is typically delivered by armored vehicles."
The terms and conditions for the service state that the delivery service's coverage is based on geographic location, and travel routes may be limited, but it does not mention who the drivers are or how they are selected.
Concept of Robinhood's planned cash delivery service. Source: Robinhood Robinhood
The company also plans to launch a platform called Robinhood Strategies, which will offer a combination of individual stocks and exchange-traded funds (ETFs).
The company stated that it will launch an AI research assistant named Cortex later this year, aimed at gold users for a monthly fee of $5, which can provide analysis and insights on market trends and stocks to consider for trading.
Tenev said the company discussed with traders what could give them a better edge in stock trading and then spent two years developing Cortex, keeping their feedback in mind.
Related news: Robinhood pays $30 million to settle U.S. regulatory investigation
Robinhood's Vice President of Product Management, Abhishek Fatehpuria, added that the company hopes to introduce cryptocurrencies to the platform at some point in the future.
Robinhood has been expanding its footprint in emerging asset classes such as cryptocurrencies and derivatives.
On March 17, the platform launched a prediction betting market center, causing its stock price to surge by 8%.
According to Google Finance, Robinhood Markets (HOOD) closed down 7.1% on March 26, at $44.73, and continued to drop by 2.84% in after-hours trading.
On March 13, the company listed memecoins such as Pengu (PENGU), Pnut (PNUT), and Popcat (POPCAT) to expand its influence in the cryptocurrency space. In January of this year, the company launched futures contracts linked to cryptocurrencies like Bitcoin (BTC).
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