Market Overview

Robinhood Offers Credit To Users Affected By Massive Outage

Share:
Robinhood Offers Credit To Users Affected By Massive Outage

Robinhood Markets, Inc. is offering some users on its trading platform credit to make up for the prolonged outage it suffered earlier this month, CNBC reported on Monday.

The financial services company will determine how much credit each user will receive on a case-by-case basis, a spokesperson told CNBC.

“We’d like to start with the apology you deserve: We’re sorry for the recent outage on our platform. Your support is what helps us democratize finance for all, and we know we owe it to you to do better,” Robinhood wrote in an email to some users, according to CNBC.

“An apology alone won’t rebuild your trust in us. Instead, we hope our actions will.” The company also added that it had strengthened the infrastructure to avoid a possible repeat of the fiasco.

Robinhood trading apps were out for an entire session at a very volatile time for financial markets, as concerns over the novel coronavirus (COVID-19) outbreak were rising. In a statement after the outage, co-founders Vlad Tenev and Baiju Bhatt said that “multiple factors,” including “highly volatile and historic market conditions,” “record volume,” and “record account sign-ups” contributed to the infrastructure collapse.

Photo Credit: Courtesy of Robinhood.

 

Related Articles

View Comments and Join the Discussion!

Posted-In: Baiju Bhatt CNBC Robinhood Vlad TenevFintech News Tech General Best of Benzinga