저자: VladTenev · 외국인
요약 보기
로빈후드 CEO 인터뷰. 회사는 자산 '소유권' 확대를 핵심 철학으로 내세우며, 은퇴계좌 3% 매칭, 신용카드, 토큰화, 예측시장 등 사업 확장을 설명. 세대 간 자산이전(100조 달러 이상)을 기회로 제시하고 트럼프 계좌의 단독 브로커 역할을 언급. 투기 과열 우려에 대해서는 시장 참여 자체를 긍정하며 중립적 입장 유지. 종목에 대한 가격 방향 예측 발언은 없음.
다듬은 글
I want to talk about shares of Robinhood Markets, an online brokerage platform chosen by young investors, and whose shares are closely linked to Bitcoin. They jumped more than 9% today thanks to Bitcoin's rally, and they are up nearly 90% from their March lows , but still haven't returned to their January highs.
Still, there's a lot going on at Robinhood . Earlier this week, while I was in Silicon Valley, I was able to catch up with Vlad Tenev, co-founder, chairman, and CEO of Robinhood Markets, at their headquarters in Menlo Park. Look. Vlad, those were remarkable times. You can say you've captured what people want from different financial instruments.
You provide them with all of that. I wanted to ask how much of what you do is based on people's requests, rather than what you make up yourself while sitting in your office. I think it's a good combination of both . There are a lot of things where of course clients ask us for more trading assets, international stocks, etc.
and we have an endless list of wishes from clients; but there is also something about which we have our own opinion and view, and no one asked us for it, but we believe that this is where the industry is heading. We believe we can create better and larger products. For example, tokenization and prediction markets—we just had a vision of what the product should be , and we built it.
There's one...you know, Robinhood is working on a lot of things. Yes. We just went through a long list of various products while talking. Credit cards, retirement accounts, tokenization, US stocks, and I think the underlying idea behind it all is ownership. We believe that property rights are essential, not only because if people own, they risk their own capital and can gain financial benefits, but also because a society where more people own quality financial assets is more stable.
And this is at the heart of everything we do. But how do you make sure there's no excessive excitement in this? I know that we have been communicating with you for many years. We do not want to encourage gambling, although we cannot stop it. We want to encourage investment. At what point do you say that some of these tools may not be suitable for our people?
Yes, this is a question we often think about. The point is that property rights don't work without healthy markets, and markets don't work without traders. So, you need traders. Robinhood also doesn't work without traders. If we consider active traders as part of our business, they are, in fact, the engine and foundation of our business.
Therefore, the products we create for traders allow us to attract customers and encourage them to use products that may be less attractive, but are more important in the long run . Let me give you an example. There is actually one product at Robinhood that we incentivize. You probably won't even guess which one .
I don't know. We stimulate pension savings . So, if you open a retirement account with Robinhood and are a Gold member, you get a 3% match from the company: for every $100 you contribute, we add 3% from our corporate balance sheet. Our view on this is this: many people today have moved away from the traditional model of lifetime employment, where you work for one company from the age of 18 until you retire .
People are constantly changing jobs. Accounts have become more mobile, and there is now less reliance on standard corporate pension programs. Of course. So we wanted to create a product for just that. And that's something we encourage, but we've also found that retirement advertising doesn't really engage people.
We engage customers in a variety of ways, including prediction markets, stock trading, and cryptocurrency, and once they get on Robinhood, they pretty much start using all of our products, opening retirement accounts, and forming comprehensive financial relationships. I'll tell you, it's really amazing, because every time I say, " Okay, they're doing too much." I think it borders on risky.
Predictions are perhaps too much like gambling. Then I look at your 3% cash back credit card. This is better than many other credit cards. I look at what you are doing for retirement savings . And I say, "Well, that's pretty good." Well , what? That's why I started with this: I think you have a better sense of the zeitgeist than any other company, and you're the one who's going to get trillions of dollars as the generational transition from baby boomers to boomers, and you have exactly what they need.
Although they themselves are not yet sure what exactly they want. You offer a huge choice that others don't, and that's what I'm leading on to —that's why you're so incredibly successful. Well , we appreciate it. I think there is still a lot of work ahead. Um, I think we're looking at the products that we could offer and that we already offer.
Hmm, I still think there's a lot of work to be done. And you yourself mentioned that over 100 trillion in wealth is transferred from older generations to younger ones. And you know, when we look at what that means, it's an accelerated and very large-scale movement of assets over the next few decades.
And you know, the needs of these customers are changing. So they start with relatively simple needs, like they want a place to buy stocks, maybe have a retirement account. Over time, their requests become more complex. They are starting to ask about the trusts that we now offer, the different types of trusts.
Um, they want estate planning. They want private wealth management, private banking . And our challenge, and I think it's exciting for me personally, is how we can offer these high-quality products for affluent customers to the mass market at very low prices. And I find this an exciting challenge for myself, because as an engineer and technologist, you can achieve significant results with technology.
In the past, to get some of these services, you had to go into a building with columns and talk to expensive people in suits. They wouldn't even talk to you if you had less than, you know, $250,000 in their institution. And you know, thanks to technology, we can make the entrance much wider and open it to tens of millions of people.
And how do you know, I mean , I always felt like you were democratizing finance when we first invited you to our place, long before you were available just through the app. We invited you, and you were clearly involved in democratizing finance or creating more tools for trading, which I think is a good thing.
We try very hard not to push our clients in one direction or another. I mean, if we encourage anything, it 's retirement savings with our 3% surcharge. Um, but we also understand that people trade different things. Um, and these are n't even two different groups of people. It's not like you have traders and , you know, those who are looking for safety.
There is a part of every person, most people, that craves security, protection, and wants to be confident in their financial future. Yes. But there's another part that has its own view and, you know, wants to take part of the portfolio and invest it in different deals. I know, I'm the same . But I say, you know, I say 1/10.
You are acting. 1/10 because I want people to be involved, but they want to speculate. True. I call it speculation. I believe that everyone has the right to speculate. Yes, it's very human. You know, there 's kind of a risk-averse part of every person and a security-seeking part, and I think that intersects in your financial life.
Well, so it's all under one roof, and that's good. I mean, I get it, but some people will be into prediction markets. I would prefer it to be in a place where it's, you know, a well-known place. I don't want it to be some company that no one has ever heard of. You have the potential to create the perfect app that does everything.
Yes, that's right, and I think all of these assets are very, very useful. I mean, look at the prediction markets and how it relates to ownership. In prediction markets, you can directly monetize an idea or insight. So, if you have some perspective on the structure of crypto market legislation, the transparency law.
We have a market for this. If you have a view on the Fed rates, well, you can trade the Fed rate, instead of, you know, trading futures or other products tied to it. Um, and there will be a huge increase in the types of contracts that people trade. We are at the very beginning now. We are already seeing some diversification.
Many people look at it and say, well, it's just a sport. It's all sports. But we are already seeing other categories, like cryptocurrency, taking a disproportionate share. And I think that in a few years, the sport will actually be in the minority. Like active trading in general, sports have been a great tool to attract people, provide liquidity, and generate interest.
It's kind of a wedge, but I think the industry is also expanding far beyond sports . And you know, one more thing, just the last one. How are things going with Trump's accounts? We care deeply about those involved in the show, and we know that you are one of the key... You probably have more money in Trump's accounts than in any other firm.
Well, we are now the sole broker and primary custodian of Trump's accounts in partnership with BNY, which is the financial agent, and also, of course, with the U.S. Treasury and the administration. So, that's what we're talking about— ownership is the idea that Robinhood is based on. There is no better way to make this a reality than to start from birth, from zero years old.
You are teaching children compound interest. You're connecting with the big companies in this country, and we're doing it at very, very low cost. So the program turned out to be extremely effective. 7 million signed up even before launch. And last week we saw how Michael Dell, who kicked off this cause with a huge donation from his foundation, began transferring funds to children.
And we see more and more things being created. We're going to have a big program for employers, so they can manage Trump accounts, their employees' contributions, and we're building that out now . Donors: It started with Michael Dell, but there are also Glenn Shotwell, Brad Gerstner, and many others.
I think this might be the best philanthropic platform out there . Well , I guess we'll stop there. There's still a lot to talk about, but it's time for us to go. I want to thank you, Vlad , for involving many people in finance in various ways. If you can just encourage them to save, prepare for retirement, or earn a little more on their credit card—that’s a huge success.
and thanks to tokenization, do it worldwide. Good. It was Vlad Tenev, chairman, president, and CEO of Robinhood. Thank you, Vlad. Thank you. Next: Copper is approaching record highs , but that may not last long. Cramer has the charts to prove it. . Any .
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