A prominent trading platform, Robinhood Markets, is set to enhance its trading platform experience with AI tools following its acquisition of Pluto Capital, an AI-powered investment research firm.
In a press release issued on July 1, Robinhood announced that its users will now receive personalized investment recommendations and real-time information from Pluto’s AI, following the acquisition. The integration will enable users to make sound trading decisions quickly and confidently wit the help of advanced AI tools.
Pluto’s founder and CEO, Jacob Sansbury, will also be involved in an advisory role for product strategy and AI integration at Robinhood. The AI tool will use users’ risk tolerance, investment goals, and past trading history to optimize their portfolios.
Pluto uses large language models to collect current information on the world’s financial markets, stocks, articles, and SEC filings to identify trends and investment opportunities quickly.
Robinhood’s acquisition of Bitstamp for $200 million, recently made to enter the market for providing services to institutional clients in the U.S., is an example of a strategic move in the sphere of cryptocurrencies.
Currently, Robinhood boasts 23.9 million funded customers, 13.7 million monthly active users, and $130 billion in AUM. As of June 1, HOOD’s stocks are at $22.97, which is an increase of 0.35%, based on information from Google Finance.
The purchase of Pluto Capital by Robinhood shows that the company is keen on incorporating artificial intelligence into its trading application, intending to arm users with sophisticated instruments for making good investment decisions.
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