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Robinhood has today announced its intent to be a new vector for cryptocurrency traders to leverage within coming months, where traders within the United States can expect easy access to Bitcoin and Ethereum trading.
Presiding over the announcement, Robinhood co-founder and CEO Vlad Tenev quipped that “We’ve come to understand that cryptocurrencies as an asset have exhibited clear and underlying resiliency and have integrated themselves as part of a diversified and balanced portfolio.”
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Robinhood will offer its cryptocurrency trading services for free, and will offer instant transfers for cryptocurrency transfers over values of $1,000 USD.
Tenev explained his view that cryptocurrencies form a part of a balanced trader’s portfolio – offering that“We view entering crypto as a way to extend our user base and build our brand… We envision a world where people can have your cryptos alongside your stocks, ETFs, and more.”
The company is presently regulated by the SEC and the Financial Industry Regulatory Authority (Finra) in the United States, and Robinhood’s cryptocurrency services will be first offered to residents in California, Massachusetts, Missouri, Montana and New Hampshire.
While the offering will be limited to Bitcoin and Ethereum trading for now, Robinhood has confirmed that users will be able to add cryptocurrencies such as Bitcoin Cash, Litecoin, XRP, Ethereum Classic, Zcash, Monero, Dash, Stellar, Qtum, Bitcoin Gold, OmiseGo, NEO, Lisk, and Dogecoin to their watchlist, where they will be able to see market action.
Tenev confirmed that while“…we’re focused right now on the coins themselves, and I think in the near future we anticipate adding a variety of other coins before we extend to new asset classes.”
The move will open proverbial floodgates to new consumers in the United States. At press time, Bitcoin’s price orbits the $10,000 USD mark, will Ether sits north of $1,000 USD.
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What are your thoughts? Do you plan to use Robinhood’s services? Be sure to let us know your view on Twitter: @coininsidercom!
Follow Bryan Smith on Twitter: @bryansmithSA