Robinhood is set to enhance its trading platform with advanced artificial intelligence tools following its acquisition of Pluto Capital, a leading firm in AI-powered investment research. According to Robinhood’s statement on July 1, Pluto’s AI capabilities will furnish traders with personalized investment strategies, data analytics tools, and real-time insights, empowering them to make informed decisions swiftly and confidently.
Jacob Sansbury, the founder and CEO of Pluto, will play a pivotal role in guiding Robinhood’s product roadmap and integrating AI technologies. The acquisition aims to optimize investor portfolios by evaluating risk tolerance, investment goals, and past trading activities of each user on Robinhood.
Pluto’s AI models harness real-time data from global financial markets, including stock prices, news articles, company financials, and SEC filings. This enables quicker identification of trends and opportunities, offering investors a competitive advantage, as stated by Robinhood.
Although Cointelegraph reached out to Robinhood for additional details, immediate responses were not provided. Pluto, founded by Sansbury in August 2021 in the San Francisco Bay area, follows his previous experience as a technical lead and senior software engineer at Nvidia, a prominent player in graphics processing and AI chips.
In recent developments, Robinhood also acquired Bitstamp, a cryptocurrency exchange, for $200 million, aiming to expand its services to institutional clients in the US. Regulatory approval is pending, with finalization anticipated in the first half of 2025.
CEO Vlad Tenev highlighted the transformative impact of the cryptocurrency industry on the financial system, underscoring Robinhood’s strategic moves in this evolving landscape. Presently, Robinhood boasts 23.9 million funded customers, 13.7 million monthly active users, and manages assets worth $130 billion.
As of June 1, Robinhood’s (HOOD) stocks were trading at $22.97, reflecting a modest 0.35% increase for the day, according to data from Google Finance.