Robinhood cryptocurrency trading has begun as the exchange app claims it will make digital currencies far more accessible for the general public.
On a blogpost published on Thursday, Robinhood said that Thursday will be the first full-day users will be able to buy and sell cryptocurrency. At present, the only coins available will be Bitcoin (BTC) and Ethereum (ETH).
— Robinhood (@RobinhoodApp) February 22, 2018
All trades are commission-free and the app also allows users to track and monitor market data from 16 cryptocurrencies, including Ripple (XRP), Monero (XMR) and NEO (NEO). Robinhood currently has 4m users and a $100bn trading volume on its brokerage platform.
The Robinhood cryptocurrency feature is gradually being rolled-out across the states of California, Massachusetts, Missouri, Montana, and New Hampshire. The company plans to launch digital currency trading in other states when it can. Following an unsuccessful attempt to expand into China, Robinhood does not have any plans, at present, to expand outside the USA.
As part of its cryptocurrency feature, Robinhood has also launched a discussion thread presently available to a limited number of customers. Called Robinhood Feed, it will serve as a forum for users to discuss in real-time, cryptocurrency developments and market swings.
Robninhood Crypto has been highly anticipated, with more than a million people signing up to use the cryptocurrency feature on the Robinhood app when it was announced in late January. The founder of Robinhood, Baiju Bhatt said the goal of the app is to bring younger people into stock and shares, who are statistically the least likely to invest their savings.
Founded in 2011 the app enables users to trade stocks, check prices and place orders all in real time. However, unlike traditional brokerage firms which often charge high commissions on trading, Robinhood makes money partly from selling customer’s order flow and interest on its users’ deposits.
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