Rich Paul participates in a basketball video game in between the National Basketball Association’s Los Angeles Lakers and the Boston Celtics at Staples Center in Los Angeles onFeb 23, 2020.
Allen Berezovsky|Getty Images Entertainment|Getty Images
Robinhood is partnering with Klutch Sport Group, LeBron James’ representative Rich Paul’s company, as the monetary services business seeks to broaden its reach into sports, home entertainment and media, the business revealed Thursday.
As part of the offer, Paul sign up with as a tactical consultant toRobinhood He will work carefully with Robinhood CEO Vlad Tenev to determine brand-new collaboration chances in the sports and entrepreneurship area.
“We’re enormous sports fans at Robinhood and we understand our clients are too,” Tenev informed CNBC. “Working with Rich and the team at Klutch Sports, it’s really a way to get the Robinhood brand out there to a wider audience and partner with athletes and organizations that are aligned with our customer needs.”
Paul, who established Klutch in 2012, represents a few of the most significant names in sports, consisting ofJames In current years, the group has actually broadened to link groups, leagues and residential or commercial properties with worldwide brand names for collaborations.
Paul rests on the boards of United Talent Agency and Live Nation
“I look forward to helping guide Robinhood as they broaden their reach into new markets and spaces,” Paul stated in a declaration.
Klutch stated it has actually been linking Robinhood executives with groups, owners and professional athletes as the business seeks to broaden its reach beyond tech and financing. For example, Klutch assisted help with a three-year jersey spot offer in between Robinhood and the National Basketball Association’s Washington Wizards in October.
The collaboration is currently settling, according toTenev He stated brand name awareness for Robinhood has actually increased in the whole Washington D.C. Metro location given that the collaboration was revealed.
During NBA All-Star Weekend, Robinhood did collaborations with NBA gamers Draymond Green and Trae Young and the WNBA’s A’ja Wilson– all represented by Klutch– around the business’s marketing of gold financial investment.
Robinhood likewise teamed up with fashion jewelry make Ben Baller on a gold chain to assist guide individuals to the occasion.
Tenev stated he was drawn to Klutch due to the fact that Robinhood’s story resonates with Paul’s background.
“He built up his business and his brand from nothing — from selling vintage jerseys in the Akron airport,” he stated. “When you think about what Robinhood represents, it represents access and entrepreneurship.”
Robinhood, the trading and investing platform, has stated it has actually presented 10s of countless novice financiers to the marketplaces. The business, which expenses itself as a more available investing alternative, has stated its users are more racially varied than those of incumbent brokerages.
Tenev likewise attended to the current rise in the worth of cryptocurrency, associating the increase in part due to clients purchasing ETFs that were formerly not able to hold crypto direct exposure.
“You’re starting to see it more mainstream and getting integrated further and further into the traditional financial system,” he stated. “I think Robinhood can play a leading role in the acceleration of kind of crypto and traditional finance, merging together and making it more useful over time.”
The trading platform’s stock is up almost 30% this year.
Correction: Rich Paul is signing up with Robinhood as a tactical consultant. A previous variation of this story misstated his position with the business.
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