Summary List Placement
Robinhood is considering getting rid of its famous confetti animation in order to stave off critics who say the app causes compulsive trading behavior, Bloomberg reported Wednesday citing sources familiar with the matter.
The free stock trading app — and its animated celebrations — have been under scrutiny over the past year for making trading too much like a game for novice investors. The digital confetti, which pops after users make their first trade, has appeared in Robinhood ads and become a symbol of the trading app.
Robinhood did not respond to Insider’s request for comment.
Insider has previously reported that Robinhood’s sleek design and perks like a free stock upon signing up allows users to buy and sell at a frenzied pace.
In a testimony released ahead of a February 18 Congressional hearing, Vlad Tenev, Robinhood’s chief executive rejected claims that the company has turned investing into a game, saying instead the app has made trading easier for everyday people.
The House Financial Services Committee conducted an hours-long hearing last month after traders pushed record gains in GameStop and other so-called meme stocks. Robinhood subsequently halted users’ ability to purchase shares of the video game retailer and other popular stocks.
Removing the confetti wouldn’t be the first change the company has made since the hearing. After Rep. Sean Casten called Robinhood’s helpline to show its lack of customer support, the app expanded its live-phone help and said it would double the number of full-time representatives.