Why financial companies are giving customers the velvet rope treatment

Cliff Kenney, a 35-year-old living in New Jersey, joined the waiting list for Robinhood’s cryptocurrency trading platform in January. Robinhood let customers know gradually via email when cryptocurrency was allowed to be traded through Robinhood in their state, and New Jersey legalized it this month. In the meantime, he shared his referral link on Twitter TWTR, -0.52% and hoped friends would sign up.

More customers might have a similar experience soon, as companies are capitalizing on “FOMO,” or a fear of missing out. “I think it’s smart,” he said about the waiting list. “It reminds you there’s something you’re waiting for.

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