Robinhood, the popular free stock trading app, recently made a very important hiring decision in the form of Josh Elman, who until now served as a general partner at renowned venture capital firm, Greylock Partners.
The update from Robinhood comes in the wake of the company’s decision to delve into the cryptocurrency industry, after having received a valuation of $1.3 billion and passing the milestone value of 4 million registered users last year, as reported by TechCrunch.
Josh Elman is considered a high profile hire because of his extensive experience with companies such as Facebook, Twitter and LinkedIn, where he worked during the companies’ growth phase before leaving for greener pastures, eventually settling at Greylock Partners – which is associated with popular names such as Reid Hoffman, LinkedIn’s co-founder.
Elman seems to have a keen eye to spot successful ventures before they go on to make their mark. He was one of the early investors in mobile app Musically, and currently serves on the boards of revolutionary solutions such as Medium and Discord.
Robinhood aims to utilize Elman’s extensive experience to establish itself in the unfamiliar waters of the cryptocurrency industry, hoping that Elman’s knack for making successful decisions would help it during this phase of growth.
While Elman will join Robinhood as its vice president of product, he will continue working at Greylock as a venture partner, even if it is in a reduced capacity as compared to his former position at the company.
With Robinhood and their latest roll out of free crypto trading, they are able to offer options for the traditional and non traditional investor. They pride themselves on their “Everything in One Place” place approach, where they have offerings of markets ranging from cryptocurrencies, stocks, ETFs, and options (which) are now available side by side — all easily accessible in one app. The company states that managing your investments just got even easier.
With Robinhood’s latest option, they provide “Instant Access to Funds” where individuals will be able to instantly access their funds when they deposit or sell their stocks to purchase cryptocurrencies. Instant access to funds is something that will definitely improve the user experience, as of the current moment, some wonder about their money, if it reached its destination safely and other aspects, due to confirmation times and other aspects of the blockchain verification system. The company states that “on Robinhood you’ll never miss out on an investment opportunity again.” Another interesting tidbit that the company states that they have is that of security, the company can provide a secure and trusted platform for Bitcoin and other cryptocurrencies. They state that they use cutting edge-security measures to protect the assets of users and their personal information, this means that users will not have to worry about hacks in regards to their identity and to their assets, a necessary function in being able to attract and retain users in a volatile and uncertain environment.
Greylock Partners is a leading venture capital firm based in Silicon Valley. We primarily invest in start-ups and growth stage ventures that operate in consumer and enterprise software and Internet sectors.