Robinhood introduces a new platform targeting larger and more active traders.

• Robinhood Legend includes advanced charting tools for users.
• The brokerage firm announced plans to introduce futures trading and index options on its mobile platform.
• Another example of Robinhood's expansion beyond its roots as a platform for small-dollar traders is the addition of new features.

A new tool for more sophisticated traders is being launched by a retail brokerage firm in search of growth opportunities.

The company launched Robinhood Legend, a desktop platform for active traders with advanced charting tools for detailed stock analysis.

Through examining the trading tools market and conversing with active traders, we discovered that there is dissatisfaction with legacy products, as stated by Steve Quirk, chief brokerage officer at Robinhood, in a press release.

To streamline active trading, we aimed to create an intuitive platform that allows traders to manage all their needs in one place. As a result, we developed Robinhood Legend from scratch, eliminating the need to switch between apps or charting platforms.

Robinhood announced that it will soon introduce futures trading and index options on its mobile platform. However, customers must first receive approval to trade futures contracts, as stated in the press release. Eventually, these features will be added to Robinhood's Legend platform.

Another example of Robinhood's expansion beyond its roots as a platform for small-dollar traders is its new additions. The firm's growth coincided with the "meme stock" phenomenon in early 2021 as retail trading boomed in the aftermath of the Covid-19 pandemic.

Robinhood has been continuously expanding its services, including a credit card for Robinhood Gold members and a digital wallet for storing cryptocurrencies.

"According to Robinhood CEO and co-founder Vlad Tenev, the company has excelled in mobile investing among younger people and those who primarily trade on mobile devices. However, about half of the market is on desktop web, which provides more screen space and allows for more complex features such as charts and data within the same interface. As a result, Robinhood was not a significant player in the desktop web market."

At the conclusion of the second quarter, Robinhood reported $139.7 billion in assets under its custody and 11.8 million monthly active users. In comparison, during the same quarter in 2021, when GameStop mania was at its peak, the firm had $102 billion in assets but 21.3 million monthly active users. Robinhood's next earnings report is scheduled for October 30.

Shares of Robinhood are up more than 100% so far this year.

The HOOD Summit conference, held on Thursday, featured announcements.