Tuesday, July 23, 2024
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Robinhood buys AI-powered investment research platform Pluto Capital

Robinhood Acquires Pluto Capital: Key Points

  1. Acquisition Details:
    • Robinhood acquires investment research platform Pluto Capital for an undisclosed sum.
    • Marks Robinhood’s second acquisition in less than a month.
  2. About Pluto Capital:
    • Founded in 2021, based in Los Angeles.
    • Provides a free trading platform with AI-powered analysis tools and large language models (LLMs).
    • Users can create and automate trading strategies for cryptocurrencies like bitcoin, ethereum, and polygon.
    • Features include:
      • Sparks programme: rewards for educational initiatives.
      • Community dividend programme.
      • Strategy monetisation programme: users can earn money by licensing their strategies to others.
    • Manages an investment management fund focusing on digital assets.
  3. Strategic Fit for Robinhood:
    • Acquisition expected to enhance Robinhood’s data analysis, personalised investment strategies, real-time insights, and portfolio optimisation capabilities.
    • Pluto’s founder and CEO, Jacob Sansbury, to join Robinhood as an “AI technologist”.
  4. Statements and Goals:
    • Mayank Agarwal, Robinhood’s VP of Engineering, praises Pluto’s platform and AI expertise.
    • Acquisition aligns with Robinhood’s mission to democratise finance and integrate AI-powered tools.
  5. Recent Acquisition History:
    • Follows Robinhood’s acquisition of global cryptocurrency exchange Bitstamp for approximately $200 million.
    • Expands Robinhood’s reach into the EU, UK, USA, and Asia with Bitstamp’s 50-plus licenses and registrations.

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