Robinhood planned to prevent users from bombarding them in digital confetti amid criticisms that signature animation made it too risky to invest too much like a game.
Confetti will pop up on Robinhood’s mobile app when retail traders reach “investment milestones”, such as making their first trade or depositing money into their account.
But from next week, Confetti will be replaced with new animations that are slightly more subtle, such as three-dimensional shapes that are floating from space or a golden cycle to mark a new signup for Robinhood Gold Premium Service. is.
On a wednesday blog post Announcing the move, Robinhood – which has filed paperwork to go public – called these up-to-date graphics “dynamic financial experiences that delight customers through milestones in their financial journey.”
Robinhood has made confetti an important part of its branding – also Issued an advertisement Outside the cellphone of the merchants showing the goods of the shooting while they were sitting at a dining table or in a coffee shop.
But honoring Robinhood, Madhu Muthukumar told The Wall Street Journal that the confetti had gone “wrong” as regulators raised concerns about it.
“If the focus of the conversation is around confetti and not around [everyday investors] Muthukumar, Robinhood’s senior director of product management, said, “After the first step … then we’ve done something that’s off base.”
The color feature has drawn the ire of the Massachusetts Securities Division, which cited Confetti in a December complaint over Robinhood’s alleged “gamification” that encourages users to buy and sell stocks for the startup’s financial gain.
Gary Gensler, President Biden’s nominee to head the Securities and Exchange Commission, also raised concerns about Robinhood’s strategy at a Senate hearing earlier this month.
“What do you mean when balloons and confetti are falling and you seem to have a free trade app but have the signal to behave in more transactions?” He told the MPs. “I think we’re going to study it and look at it.”
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