18 Sep Investment App Sells User Data to Financial Companies
It was recently revealed that Robinhood Financial had been making millions by selling its user’s data to high-frequency trading firms, according to the firm’s second quarter SEC filing.
The company behind the low-cost Robinhood investment app was found to have been selling its users’ order details at 10 times as much compared to its competitors.
While it is not surprising that a company like Robinhood would share such data, it is said that there is a conflict of interest as Robinhood’s profits might be heavily reliant on the sale of user data, despite espousing ethical trading practices for the benefit of the common consumer.
Source: Bitcoinist
