Leto, Nas & Snoop Get Down with “Robinhood” Stock App

Nas, Snoop Dogg and Oscar-winning actor Jared Leto are stepping into the world of finance with a new app designed to make things easier for potential stock investors.  The app called “Robinhood” is designed to make stock investing free and easy.  Taking note of the current financial scene, app makers believe “Robinhood” will allow investors the chance to trade stock without paying commissions.  “Today, the average individual has to pay up to $10 per trade. We believe there’s something inherently wrong with that, and we’re on a path to change it,” the app makers told Black Enterprise. “Robinhood’s powerfully engineered technology and carefully designed mobile experience will allow everyday investors to trade with zero commissions.”  Black Enterprise notes how the current system forces potential investors to go online or call a brokerage firm like E-Trade or Charles Schwab, which charges $7 to $10 per trade.  With Robinhood, that issue looks to eliminate that need.  Half a million people are on the waiting list to download Robinhood when it comes out of the testing phase, sometime early next year.  In addition, the company, which just closed a $13 million Series A financing round from some of the world’s most notable investors, mentions that customers who use Robinhood will not have to hold any minimum amount in their accounts.  In addition to Snoop, Leto and Nas, other “Robinhood” investors include Ribbit Capital; StockTwits co-founder and Social Leverage general founder Howard Lindzon; Box founder Aaron Levie; and Dave Morin, founder of Path.