Robinhood, BNY Win Trump Accounts Contract As Signups Reach 4 Million
Robinhood Markets (NASDAQ:HOOD) and BNY (NYSE:BK) have won the Trump Accounts contract to build and manage the tax-deferred investing accounts for children, with over 4 million kids already signed up as of March 31.
The Contract Winners
The U.S. Department of the Treasury announced Monday that BNY will serve as the designated financial agent to manage the initial accounts.
BNY partnered with Robinhood to develop the Trump Accounts app and provide customer service, launching July 4.
“Our task is clear: to provide the next generation of Americans with a world-class, intuitive platform to jump-start their financial future,” said Vlad Tenev, Robinhood’s chairman and CEO.
The app will be a custom white-label product for Treasury without BNY or Robinhood branding.
Moreover, the company did not disclose the contract’s financial terms. Wall Street firms have pursued roles in the program since its announcement, seeing the accounts as a …
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