Retail brokerage firm Robinhood has announced the launch of Robinhood Legend, a sophisticated desktop platform tailored for active traders. This new tool includes advanced charting capabilities, aiming to provide users with a comprehensive analysis of stocks. The introduction of Robinhood Legend comes as the company seeks to diversify its offerings and cater to a broader range of trading needs.

"After examining the current trading tools landscape and engaging with active traders, we identified a significant level of dissatisfaction with the existing legacy systems," said Steve Quirk, Chief Brokerage Officer at Robinhood, in a press release. "The process of switching between different apps or charting platforms is often cumbersome and time-consuming. In response, we have re-envisioned the concept of a modern, user-friendly active trading platform and have developed Robinhood Legend from scratch. This allows traders to conduct all necessary operations seamlessly within a single platform," Quirk elaborated.

In addition to the debut of Robinhood Legend, the company also revealed plans to introduce futures trading and index options to its mobile platform in the near future. It is important to note that customers will require approval to engage in futures trading, as stated in the press release. Furthermore, these new trading options will eventually be integrated into Robinhood Legend.

These latest developments underscore Robinhood's strategic move to extend its reach beyond its initial focus on providing a user-friendly platform for small-scale traders. The company's growth has been closely associated with the "meme stock" craze that emerged in early 2021, as retail trading surged following the Covid-19 pandemic.

Since that time, Robinhood has been consistently expanding its range of services. This includes the introduction of a credit card for Robinhood Gold subscribers and a digital wallet designed to hold cryptocurrencies. "We have historically performed well on mobile platforms, particularly among younger individuals and those who primarily invest and trade via mobile devices. However, approximately half of the market operates on desktop web platforms, where there is more screen real estate available. This allows for more complex operations, such as displaying charts and data within the same interface. Until now, we have not been significantly present in this space," Robinhood CEO and co-founder Vlad Tenev explained during an appearance on "Squawk Box."

Robinhood reported having $139.7 billion in assets under custody at the end of Q2, along with 11.8 million monthly active users. In comparison, during the same quarter in 2021, at the peak of the GameStop frenzy, Robinhood had $102 billion in assets but boasted 21.3 million monthly active users. The company's next earnings report is scheduled for release on October 30th.

Shares of Robinhood have seen an impressive increase of over 100% year-to-date. The recent announcements were made during the HOOD Summit, a conference designed for Robinhood's customer base.

The launch of Robinhood Legend signifies a strategic shift for the company as it aims to attract a more experienced and tech-savvy trading audience. The platform's advanced charting tools are designed to meet the demands of traders who require detailed stock analysis, offering a more streamlined and efficient trading experience.

"The frustration with legacy trading tools is palpable among active traders," Quirk continued. "They are seeking a more intuitive and modern platform that can keep up with their fast paced trading demand. Robinhood Legend is our response to this demand, offering a comprehensive solution that combines advanced charting with a user-friendly interface."

With the addition of futures trading and index options to its mobile platform, Robinhood is further expanding its product offerings to include a wider range of trading instruments. This move is expected to appeal to a more diverse group of traders, including those who are interested in more complex trading strategies.

Tenev emphasized the importance of catering to the desktop web audience, stating, "We recognize that there is a significant portion of the market that prefers to trade on desktop platforms. By introducing Robinhood Legend, we are not only filling a gap in our product offerings but also positioning ourselves to better serve this segment of the market."

The company's focus on innovation and expansion is evident in its recent product launches. From the introduction of a credit card for premium subscribers to the development of a digital wallet for cryptocurrency holdings, Robinhood is continuously working to enhance its services and meet the evolving needs of its user base.

Despite the challenges faced by the company in the past, including the highly publicized trading restrictions during the GameStop saga, Robinhood has shown resilience and adaptability. The company's ability to pivot and introduce new products has been key to its ongoing growth and success.

As Robinhood continues to evolve, it is clear that the company is committed to staying at the forefront of the retail trading industry. With the launch of Robinhood Legend and the upcoming addition of futures trading and index options, the company is poised to attract a new wave of traders and further solidify its position in the market.

Investors and traders alike will be watching closely as Robinhood rolls out these new features and tools. The company's ability to successfully execute on its expansion plans will be a key factor in determining its future growth and profitability.