Robinhood CEO: Trump's account will attract the next generation of investors

CoinDesk news: Robinhood CEO Vlad Tenev said that the “Trump Accounts,” a program the company is rolling out in partnership with the U.S. Department of the Treasury, will give Robinhood access to the next generation of investors and drive future growth. Vlad Tenev said in an interview with CNBC, “This will enable Robinhood to reach the next generation… For millions of children, this will be their first investment account.” He emphasized that in the short term the company’s focus is on partnering with the U.S. government rather than earning directly through the accounts; the accounts will not charge fees or commissions. Previously, the U.S. Department of the Treasury announced that Robinhood and BNY Mellon were selected as partners to open tax-deferred custodial investment accounts for children born from 2025 to 2028. Robinhood will serve as the broker and custodian, working with BNY to provide the front-end app and customer support. As of March 31, more than 4 million children have registered for Trump Accounts, and more than 1 million children are eligible for the Treasury’s $1,000 startup funding pilot program. Multiple financial institutions, including JPMorgan, Bank of America, Wells Fargo, SoFi, BlackRock, and Charles Schwab, will match the federal startup funds for employees’ children.