The second receiver is used to process the To the user can be determined (and the user position if not Positions of the satellites so the distance from the satellites The second receiver uses a high gainĪntenna directed at the target and receives GPS signals One receiver uses aĬonventional GPS antenna to receive the signals directlyįrom the satellites. Only the reception of GPS signals is required. Signal is emitted by the user to find the distance to the Location of the target has been developed and tested. Without a GPS receiver at the target or knowing the exact A method to measure theĭistance between a given target and an observation point
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This paper presents one such application, passive ranging using the GPS standard Many unforeseen applications of GPS have beenĭeveloped in recent years. But if regulators drop the hammer, it could dash the dreams of other American tech companies seeking China’s legions of smartphone users.Michael H. If Robinhood succeeds, it could grow its user base while providing a model for how other US startups can break into the heavily restricted nation via integrations with local apps. Tenev admits “It’s a tough market but we’re optimistic that we’re providing a lot of value there.” Robinhood has also brought on Amy Gu, the GM of Evernote China, as an advisor to help with its launch there. Tenev likens this to “a Chinese citizen traveling to the US and opening a brokerage account.”Īnd since it’s working with respected Chinese Internet giant Baidu instead of going it alone, it might have more luck avoiding a ban from regulators. Upon signup, Chinese investors will need to wire money to Robinhood. Working out the integration with StockMaster took Robinhood’s team around 10 trips to Beijing and Shanhai. Robinhood’s Baiju Bhatt, Amy Gu, and Vlad Tenev (from left) Tenev tells me “The level of interest in US stocks’ growth has been unprecedented.” China has 90 million brokerage accounts, and 80% of all trades are by retail investors. Invading the Chinese market could be huge for the startup since it’s three times bigger than the US. It only needs to continue abiding by US SEC and FINRA regulations. Robinhood has watched as another company, Interactive Brokers, has exploited this loophole and begun operating in China, and now it wants to do the same. So far, outside of America, it’s only opened a waitlist in Australia and China.īut that’s where China’s regulatory grey area comes in. The China Securities Regulatory Commission oversees trading of Chinese stocks, and the People’s Bank Of China handles money transfer, but Chinese investment in US stocks isn’t officially regulated. That requires a lot of regulatory hurdle-jumping.
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The startup tells me it wants to make trading of US stocks simple for everyone in the world. That’s why it needs to onboard as many users as possible. But with an average age of 28, most users aren’t keep huge sums in their Robinhood accounts racking up interest that generates revenue for the startup. Robinhood democratizes stock trading, making it lucrative to younger, less wealthy clients for whom potential gains on small investments would be wiped out by fees. Robinhood earns money through interest on cash balances kept in the app and lending services, such as the ability to trade on margin. Founded in 2013, Robinhood now has 60 employees, and has won both the Apple App Store and Google Play design awards. The startup is expanding in hopes of making good on the $66 million in funding its received from NEA, Index, Slow Ventures, and Andreessen Horowitz, as well as celebrities like Jared Leto and Snoop Dogg. It’s processed $6 billion in transactions, saving users $100 million in fees. It undercuts services like E*Trade and Scottrade that charge around $7 to $10 per trade to fund their marketing and physical branches. Robinhood’s mobile app charges no commission to buy and sell stocks, and now has over 1 million users.