Crypto broker Robinhood to launch banking services division

The new platform will be available to paid Gold customers this fall

27.03.2025 - 12:40

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2 min

What’s new? California-based brokerage platform Robinhood, which offers stock and cryptocurrency trading, is set to launch a banking division in the fall of 2025. Initially, Robinhood’s banking services will only be available to members of the paid Gold program, they can already apply for early access.

Product page

What else is known? Customers will be offered current and savings accounts with 24/7 tech support, the ability to make international transfers in more than 100 currencies, receive professional tax and wealth management advice, and order cash delivered to their door without having to use an ATM.

At the same time, customers are offered access to tickets to a number of events, such as the Met Gala charity ball, the Oscar Film Awards, the Coachella Music Festival, and the opportunity to travel by private jets and helicopters.

The new product page explains that the Robinhood Banking financial services platform will be offered by fintech company Robinhood Money, which is not a bank and is not registered with the US Federal Deposit Insurance Corporation (FDIC).

At the same time, the new platform’s banking services will be provided by Coastal Community Bank, which, unlike Robinhood Money, is already a member of the FDIC. FDIC insurance covers only the bankruptcy of a bank insured by the corporation. The amount of insurance coverage is $2,5 million.

Robinhood Gold’s premium paid subscription is provided by a company of the same name. Robinhood Money and Robinhood Gold are subsidiaries of Robinhood Markets.

Broker Robinhood to pay $30 million for AML law violations

The company had previously paid a $45 million fine to the US securities regulator

Robinhood shares are trading on the Nasdaq exchange under the ticker HOOD at $44,73, having lost 7% overnight. The monthly drop was 14,4%, but the stock has gained 98,4% over the past six months.

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