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Robinhood's Newest Feature Lets You Order Cash Like Takeout
Benzingaยท 2025-11-13 17:35
Core Insights - Robinhood Markets Inc. is partnering with Gopuff to offer cash delivery services directly to users' homes, marking a new venture into unconventional banking [1][4] - The cash delivery service is priced at $6.99, or $2.99 for users with over $100,000 in assets, and aims to provide a convenient alternative to ATMs [1][5] - The initiative aligns with Robinhood's strategy to offer high-end banking privileges while maintaining accessibility for its users [3][4] Service Details - The cash delivery service is currently being rolled out in New York, with plans to expand to major cities like San Francisco, Philadelphia, and Washington [4] - Customers must subscribe to Robinhood Gold at $5 per month and set up direct deposits of at least $1,000 monthly to use the service [5] - Security measures include verification codes and direct handoffs from delivery drivers, with no unattended drop-offs allowed [5][6] Future Plans - Robinhood plans to launch a new fund through its subsidiary, Robinhood Ventures, allowing retail investors to invest in private AI companies [7] - The fund will focus on a concentrated portfolio of at least five top private AI firms, despite concerns about a potential bubble in the sector [7] - CEO Vlad Tenev has indicated a shift towards 24/7 global markets, moving away from traditional trading hours [6][7]