Remember when one of the most popular zero fee trading app’s on the marketplace, Robinhood, announced that they would be including crypto trading as a part of their services?
Well, it looks like they went ahead and started their roll out in a timely manner. The team over at Robinhood is sticking to their plan as they are only rolling their functionality of zero fee crypto trading to a select group of users residing in five american states.
According to reports by the company, they have rolled out the ability to purchase and sell Bitcoin and Ethereum through their platform to those who reside in the states of Missouri, Massachusetts, Montana, California and the northeastern state of New Hampshire.
Further Details on the service
The Robinhood crypto trading platform will provide the functionalities of tracking an initial fourteen cryptocurrencies, these cryptocurrencies will include a variety of currencies like Bitcoin, Ether, Ripple, Zcash, Monero, Dogecoin, BTG among others.
It is important to note that the trading of Bitcoin and Ether will take place in the month of February for those select users while the trading of altcoins will take place over the course of a few months following on from this.
The Robinhood team is effectively taking action on their prior announcement in January, the company said that this move to incorporate cryptocurrencies into their platform is part of their vision of including emerging markets into their platform as well as catering to a larger base of investors. This move would help them to bring in more users who would not traditionally trade stocks, introducing them to what stocks have to offer, while at the same time providing for those who are currently in stocks to gain exposure to cryptocurrency trading. This new step provides a complementary activity for participants on both sides of the trading spectrum.
The company is seeking to bring these functionalities to applications across both web and mobile.
“a brand new way to discuss cryptocurrencies, news, and market swings, in real-time with other investors on Robinhood. Feed is available to a limited number of people on the platform and will evolve based on your, well, feedback.”
The team over at Robinhood is also celebrating a milestone of four million users and transaction volumes in excess of $100 billion.
“Together, we reached four million users and well over $100 billion in transaction volume on our brokerage platform, leading to over $1 billion in commissions saved in equity trades. With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.”
It seems like consumers are excited to see how this battle will play out between Coinbase and Robinhood as they are expressing different comments like “And with one single release Robinhood will replace coinbase. Coinbase can’t keep up with no commission!” while another redditor stated “And with one single release Robinhood will replace coinbase. Not outside the U.S. sadly.”
It will certainly be interesting to see how U.S based exchanges evolve to compete with applications like Robinhood, all factors that should lead to an improved user experience in the cryptocurrency industry overall.