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Robinhood has launched its own in-house clearing service to clear and settle trades, a step to fully control the technology and operations of its wealth management business. The new service required building a 70 person team at its new "Major Oak" clearing center in Florida.
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"Five years from now you should be able to open Robinhood and get anything that you can walk into your local bank branch and get," Tenev said. "In the same way that you think of Amazon as the best value, place, and experience to buy something online, Robinhood should be the home for all of your financial needs."
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