In the latest of a string of outages as of the beginning of March, Robinhood Markets Inc. said it has fixed a challenge that led to a “major outage” on its platform Thursday (June 18). The financial technology company is regarded for helping to make trading in vogue with millennials, Reuters reported.
“We encountered an issue involving a third-party service, which led to degraded performance on trades and transfers. We were able to resolve this at 9:39 AM PST,” Robinhood said in a tweet. The company noted in a separate tweet that its systems had been completely brought back online and its web platforms were working. “We apologize for the trouble and appreciate your patience as we worked to resolve this,” it said.
Robinhood was at the heart of a recent increase in day trading, with retail investors stuck in their residences because of pandemic restrictions. The company was founded by Vladimir Tenev as well as Baiju Bhatt in 2013 and notched $280 million from investors in May. It has also suffered a number of outages, especially on days of elevated trading as the market responded to reports on COVID-19’s economic effect.
In March, news surfaced that options and stock trades throughout the platform were out of luck or maybe out of the money amid a monster rally in which equities jumped by over 4 percent on Monday (March 2). The same thing happened for part of Tuesday (March 3), when the trading platform was once again down. The firm has created its brand on the premise and draw of complimentary trading. At the conclusion of 2019, Robinhood said it had 10 million users.
The trading app also went down on March 9, as the markets dropped and shuttered momentarily for the first time as of 1997. The app was up in under an hour.
And users of the online trading platform voiced their disappointment on social media regarding outages preventing them from harnessing the stock market rally on May 18.