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The crypto-friendly app for US-based exchanges, Robinhood, has revealed plans for expansion in the UK and has begun recruiting results.
The recruitment process, in exclusive execution, was done before the company's U.K launch, according to Techcrunch. The $ 5.6 billion fintech is quietly hiring to fill recruitment, operations, marketing / PR and customer support in the city.
Robinhood is also trying to fill the compliance and product positions, suggesting that the company strategy on significant localization and product market is necessary for its U.K expansion.
FCA Rules
The interest in the regulations of the Financial Conduct Authority (FCA) by Robinhood is an effort to evade sanctions by the watchdog that has increased scrutiny in the encrypted sector. A recent report showed that the number of companies under investigation by FCA for the management of non-compliant companies in the sector has doubled, as in 2018. The regulatory authority seeks to prevent fraud to ensure transparent and fair transactions on the market encrypted, given the collapse of cryptocurrencies prices.
Robinhood has observed these developments and will respect the regulations governing cryptographic space in the United Kingdom, where it plans to launch soon. To get approval from the FCA, fintech seeks candidates to fill positions of compliance, in addition to product design.
FCA, finding that many digital resources are not regulated in the UK, intends to regulate the sector, with a keen interest in retail consumers selling complex, volatile and exchange securities with underlying market integrity issues. In October of last year, FCA considered stricter rules for encrypted derivatives, as a result of its concern over the leverage used in encryption-based contracts that exceeded the amount present in the assets of conventional encryption.
In November 2019, FCA inspected 50 cryptographic companies, which was almost double that of May 2018. Robinhood is no doubt responsible for employing qualified staff to meet the FCA guidelines prior to its launch in London.
Robinhood vs. Revolut
Robinhood will not be the first trading company with no eye for the cryptic U.K market. The competitor Revolut is also based in London and in June of last year announced the intention to add zero-fare trading to its banking app. The move, which was judged to be one to compete with Robinhood, has not yet seen any product emerge. Although, Techcrunch reports that the product should be added to Revolut services in the first quarter of 2019.
Revolut received an FCA license for electronic money in May 2016, after submitting the application before January. The company uses certification to strengthen a proprietary application that allows users to exchange currencies at interbank rates and spend in different countries using a multi-currency card and a & r; mobile app. Revolut has so far quadrupled its valuation by as much as $ 1.7 billion.
While it seems that the promise of destroying the banking sector is resuming, the latest Revolut initiatives allow the customer, buy, retain, exchange and transfer Bitcoin, Litecoin and Ethereum internally.
Nonetheless, Robinhood brings Revolut out of the water with 6 million accounts against 3.5 million, and its rating is even greater.
Since it took about five months before Revolut gets an operating license from the FCA, Robinhood may have to wait a little before it starts working.
Robinhood announced a savings and control account last month for its American customers. The accounts would offer "free of charge, without obligation and without surprises", paying 3% interest on deposits. Account holders will also be entitled to a debit card that can be used in over 75,000 vending machines in the United States.
