Robinhood Markets is scrapping its signature confetti graphic that heralded a user’s first trade on its brokerage app, after receiving scrutiny from politicians and regulators.
The app will instead show an image of floating geometric shapes when a Robinhood customer trades for the first time, according to an announcement from the company Wednesday. Bloomberg News reported earlier this month that the firm was weighing whether to ditch the confetti animation.
The company will also change the images it displays when a customer signs up for premium service Robinhood Gold or deposits money on the app, according to the announcement. The changes will go into effect next week.
“We’re introducing new, dynamic visual experiences that cheer on customers through the milestones in their financial journeys,” the company wrote in its post.
The app’s iconic confetti graphic became a sticking point both in a February congressional hearing where Chief Executive Officer Vlad Tenev testified, and in a case Massachusetts financial regulators brought against Robinhood that accused the company of “gamifying” investing.
Robinhood is fighting the claims. Tenev said in the hearing that at the company, “we don’t believe in gamification” and “we know investing is serious.”
Confetti has also appeared as a visual gag in ad campaigns for Robinhood in the past.
This article was provided by Bloomberg News.