Following a preliminary announcement in January this year, popular US-based mobile trading service Robinhood has now delivered on its promise to launch zero-fee Bitcoin and Ethereum trading.
The rollout, which will now offer cryptocurrency trading services to new users, will at first be limited to the US states of California, Massachusetts, Missouri, Montana, and New Hampshire.
All users of the platform, however, are now able to monitor market prices of sixteen different cryptocurrencies irrespective of whether they have access to Bitcoin or Ethereum trading options.
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.
In an official blog post, a Robinhood spokesperson announced that over four million users have joined the platform to trade cryptocurrencies, with the total transaction volume on its brokerage platform topping the $100 billion USD mark.
Presiding over the announcement in early January, Robinhood CEO Vlad Tenev revealed 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.”
Robinhood’s move into cryptocurrency trading has attracted celebrity interest. Jay Z recently broke headlines for a new investment into the service platform through his firm Arrive Venture Capital.
Similarly, the likes of Snoop Dogg and Nas have invested in previous funding rounds.
It remains to be seen how a move into cryptocurrency trading might pan out for Robinhood. The platform’s decision to offer zero-fee trading options is part of a public move to bring in as many new customers as possible – with a company spokesperson confirming that the firm’s intention is to “ operate this business on break-even basics.”
In addition to launching cryptocurrency trading options, the platform has further introduced Robinhood Free – a new platform for eager investors discuss market movements and reactions.
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