Robinhood, an app with 4 million users and over $100 billion in transaction volume on their brokerage platform, is launching the Robinhood Crypto platform that allows customers buy and sell Bitcoin (BTC) and Ethereum (ETH) commission-free.
With ever-growing transactional fees for selling and buying cryptocurrency, nothing surprising that this app is quickly gaining popularity.
During a soft launch, the California-based startup is gradually rolling out access to users residing in 5 US states – California, Massachusetts, Missouri, Montana, and New Hampshire – and planning for a release in many more states and adding more coins later.
The first batch of its users were able to trade Bitcoin and Ethereum with zero fees yesterday, February 22, the company’s blog announced.
If you’d like to jump on board, you’ll have to stay in a long line, as there are already more than 1 million people on the waitlist.
“With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy,” they promise.
The new cryptocurrency offering, according to Baiju Bhatt, a cofounder of Robinhood, is tied to Robinhood’s ethos of democratizing financial services and toppling the old guard of Wall Street.
Besides trading, the new app allows users to monitor and invest in 16 cryptocurrencies, options, stocks, and ETFs, all on the same platform.
Robinhood previously stated, the main goal behind launching its zero-fee cryptocurrency trading platform was to bring to their main app as many new customers as possible; and were planning to operate this business on break even basics and didn’t plan to profit from it for the foreseeable future.
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