Kimberly White/Getty Images for Robinhood
- Robinhood is testing a feature that will let users invest spare change into stocks, Bloomberg reported.
- Another feature being explored aims to protect users from crypto volatility.
- The features were discovered by iOS developer Steve Moser through a code inside the company's test version for the iPhone.
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Robinhood is testing a feature that will let users invest their spare change into select stocks and is exploring a program that will give bonuses to those who users who opt in, Bloomberg first reported.
The new feature is called "round up investments," according to a code inside the company's test version for the iPhone that Bloomberg viewed. It was discovered by iOS developer Steve Moser.
The code does not reveal how users will wire their spare change into their Robinhood accounts. Typically, users connect their trading accounts to their debit or credit cards.
Using this feature, if someone buys a bagel for $2.50, they can opt to round up to $3.00 and invest that extra $0.50.
The feature is very similar to another investing app, Acorns, which allows its users to invest spare change into a range of portfolio options. Acorns is set to go public this year via SPAC merger.
Another feature Robinhood is exploring is "price volatility protection."
"To protect your orders against price volatility, we may sometimes skip your recurring orders or buy less than your chosen amount," a message in the code read as viewed by Bloomberg.
Features being tested do not always result in them being permanently rolled out. Still, the codes hint at how Robinhood is innovating and updating the service for its millions of active users.
In another move bucking convection, Vlad Tenev said his firm will offer a third of the company's shares in its upcoming IPO directly to customers through its app. The amount set aside for individuals is much more than in most IPOs.
Robinhood is set to make its public debut this Thursday, listing on the Nasdaq under the ticker HOOD.
The Menlo Park, California-based firm in its regulatory filing said it is aiming to raise as much as $2.3 billion in its IPO. It is offering 55 million shares priced at $38-$42, putting its market valuation at $35 billion at the top range.