Robinhood Inc. announced on Wednesday the launch of stock lending, which according to the company, will be "an opportunity to earn extra income on the stocks" clients already own.
According to the statement released by Robinhood, by enabling stock lending, clients permit to lend any fully paid stock in their portfolio. "We do the work of finding interested borrowers, and customers get paid when there's a match," reads the statement. After borrowing shares, clients can effortlessly track earnings, view their positions, and turn stock borrowing on or off at any time.
"Our version of Stock Lending empowers customers to put their investments to work while keeping it simple," said Steve Quirk, Chief Brokerage Officer at Robinhood.
