In effort to appeal to the tech savvy millennial demographic, Robin Hood, the stock trading mobile app, announced the addition of cryptocurrency to their trading platform. Users can now track the market of 16 cryptocurrencies—which also include the likes of Litecoin, Ethereum, and Ripple—and to read crypto news and set price alerts. The platform will go live next month and users can register for early access here. Right now, this early registration list consists of 423,638 people.
Introducing Robinhood Crypto. Invest in Bitcoin and other cryptocurrencies commission-free on the Robinhood platform, 24/7. #DontSleep. Get early access https://t.co/28TamoX4rO pic.twitter.com/MiQ9xnsoaq
— Robinhood (@RobinhoodApp) January 25, 2018
This is great news for the crypto space and especially investors who are new to the market, which has been monopolized by Coinbase, which has raked in billions of dollars in revenue over the past year. Those opposed to this Coinbase monopoly on the entry-level crypto market have accused the trading platform of market manipulation and insider trading through their December release of Bitcoin Cash and fee schedule. Staying true to the spirit of their name, Robin Hood’s claims of fee-free crypto trading makes them an instant competitor. By essentially operating at a loss, Robin Hood hopes to expand their user base and influence as a financial trading platform. Let’s hope they can do good for the community and stay true to their word on not charging exorbitant fees, as indicated by Vlad Tenev, Robin Hood co-founder.
We’re planning to operate this business on a break-even basis and we don’t plan to profit from it for the foreseeable future. The value of Robinhood Crypto is in growing our customer base and better serving our existing customers.
According to the most recent post on the Robin Hood blog, the platform is currently offering support for 16 coins:
- Bitcoin Cash
- Ethereum Classic
- Bitcoin Gold