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Robinhood Takes on the World of Crypto

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February 24, 2018 | 

1235 Views | 

Joanna Newman | 

Get Into Cryptocurrency Trading Today

Stock trading mobile app provider, Robinhood is slowly making a name for itself in the realm of crypto-trading. After successfully launching Bitcoin and Ether trading services last month, Robinhood decided to make its name known in the industry.

The company, which was founded in 2013 to democratize stock trading, announced today that it will be making its Bitcoin and Ether trading services free of charge on their mobile app.

If the company’s goal last month was only to attract more enthusiasts to cryptocurrency, now that they have managed to reach 4 million users, it opens new questions about their true motives.

"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," Robinhood co-founder and CEO, Vlad Tenev, said to CoinDesk last month while they were launching their new free cryptocurrency trading offers.

https://www.youtube.com/watch?v=233RzfqYExI

The new, free trading services will only affect Bitcoin and Ethereum and will only be offered to crypto-traders located in five US states: California, Massachusetts, Missouri, Montana and New Hampshire. However, plans to include more states have already been set in motion.

The company, which is regulated in the U.S. by the SEC and the Financial Industry Regulatory Authority (Finra), plans to offer the crypto trading service for free. Also, the company has promised instant transfers on cryptocurrency purchases of $1,000 or less, which is a significant improvement for people buying cryptocurrency for the first time.

Tenev explained: "We view entering the world crypto-finance as a way to extend our user base and build our brand."

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