Robinhood collaborates with Klutch Sports and appoints Rich Paul to its board as it expands into the sports and entertainment industry.

• Robinhood is forming a strategic partnership with Klutch Sports Group, which is managed by Rich Paul.
• As a strategic advisor, Paul, who is well-known as LeBron James' longtime agent, will also join Robinhood's board.
• Robinhood aims to broaden its influence beyond technology and finance and into the spheres of sports and entertainment.

The financial services company is partnering with Klutch Sport Group, LeBron James' agent Rich Paul's firm, to expand its reach into sports, entertainment and media, the companies announced Thursday.

As part of the agreement, Robinhood CEO Vlad Tenev has appointed Paul as a strategic advisor to the board. Paul will collaborate closely with Tenev to explore new partnerships in the sports and entrepreneurship sectors.

"Robinhood is a massive sports fan and its customers share this passion. Tenev, CEO of Robinhood, stated this to CNBC. Partnering with Klutch Sports and athletes and organizations that align with customer needs is a way to expand the Robinhood brand to a wider audience."

Since 2012, Paul has founded Klutch and represents major sports figures such as James. The company has recently expanded to connect sports teams, leagues, and properties with global brands for partnerships.

Paul also sits on the boards of United Talent Agency and .

Paul stated that he is eager to assist Robinhood in expanding their presence in new markets and areas.

Robinhood has been expanding its reach beyond tech and finance with the help of Klutch, which connects the company's executives with teams, owners, and athletes. For instance, Klutch facilitated a three-year jersey patch deal between Robinhood and the National Basketball Association's Washington Wizards in October.

Since the partnership was announced, brand awareness for Robinhood has increased in the entire Washington D.C. Metro area, according to Tenev.

NBA All-Star Weekend saw Robinhood collaborate with NBA players Draymond Green and Trae Young, as well as WNBA star A'ja Wilson, all of whom are represented by Klutch, in promoting the company's gold investment marketing.

Ben Baller, a jewelry maker, collaborated with Robinhood on a gold chain to promote an event.

Paul Tenev was attracted to Klutch because Robinhood's narrative mirrors his own background.

"From selling vintage jerseys in the Akron airport, he built up his business and brand to what it is today," he stated. "Robinhood symbolizes access and entrepreneurship."

Robinhood, a trading and investing platform, claims to have introduced millions of new investors to the stock market, and its user base is more diverse than that of traditional brokerages.

Tenev discussed the recent increase in cryptocurrency value, stating that part of this increase is due to customers investing in ETFs that previously did not have crypto exposure.

""Robinhood has the potential to lead the integration of crypto and traditional finance, making it more practical and accessible over time," he stated."