‘Anti-Robinhood’ platform born amid GameStop frenzy

‘Anti-Robinhood’ platform born amid GameStop frenzy

A trading platform incentivising long-term, passive investing rather than short-term speculation will launch in early February with backing from both industry stalwarts and the new breed of Gen Z “finfluencers”.

Fintech start-up Pearler will become available to the public after almost four months of beta testing with an invitation-only community of 5000 investors trading a collective $1 million.

Co-founder Nick Nicolaides, 36, described Pearler as the “anti-Robinhood” in a reference to the US brokerage-free trading platform, which controversially restricted buying activity in GameStop shares during last week’s historic rally buoyed by activist investors organising in a Reddit forum.

“Contrary to the wave of young traders entering the market, this online community subscribes to an investing philosophy of buying low-cost index funds to achieve long-term market returns as a way of reaching financial independence,” Mr Nicolaides told The Australian Financial Review. “The platform is designed for long-term investing.”

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Source: ‘Anti-Robinhood’ platform born amid GameStop frenzy