Robinhood Unveils $695 Platinum Card and European Tokenized Stock Service
Robinhood launched a platinum credit card charging a $695 annual fee while offering over $3,000 in perks, saw revenue climb 27% in its quarter as prediction-market competition intensifies. The broker also introduced tokenized stock trading for European clients on Arbitrum L2 and is testing a proprietary blockchain for pre-IPO access.
1. Platinum Credit Card Launch
Robinhood has rolled out a new platinum credit card carrying a $695 annual fee and featuring more than $3,000 in potential perks, including travel credits, lounge access and elevated rewards. The move marks an expansion into premium banking products targeting high-net-worth customers and mirrors strategies used by established card issuers.
2. European Tokenized Stock Service
The firm debuted tokenized stock trading in Europe by issuing stock tokens on Ethereum’s Arbitrum L2 network, enabling customers to trade fractional shares and gain exposure to pre-IPO companies. A proprietary blockchain is currently live in testnet, with plans to migrate token issuance off Arbitrum for enhanced scalability and control.
3. Quarter Performance and Competition
In its latest quarter, Robinhood reported a 27% increase in revenue as competition from emerging prediction-market platforms intensifies. Management faces pressure to sustain growth by diversifying revenue streams beyond trading fees and capturing market share in financial products.