coincentral-main-menu-search-eyeglass
Hamburger X.

Popular Trading App Robinhood Opens its Coffers to Cryptocurrencies

robinhood offers cryptocurrency trading

Giving to the Needy What the Rich Won’t Touch

The mobile stock trading app Robinhood will soon open up cryptocurrency options to its users, CNBC reports.

Starting in February, users from California, Massachusetts, Missouri, Montana, and New Hampshire will have access to Bitcoin and Ethereum trading pairs.  The move comes at a time when cryptocurrency interest in mainstream media and popular culture is at a fever pitch, and Robinhood’s founders want to attract the fledgling traders that cryptocurrencies have brought to the investing scene.

“Cryptocurrencies have become the first foray into investing and financial services to a large number of people,” Vlad Tenev, Robinhood’s co-founder,  told CNBC.  Tenev believes that it’s now clear that Bitcoin and its cohorts are a legitimate “investing asset.”

Established in 2013, Robinhood was founded with the focus on challenging what it’s founders believed to be a stock investing model that benefited the already wealthy.  They wanted to break the barriers of entry and exclusivity that defines most stock trading platforms.  

It seems fitting, then, that they should adopt such a disruptive asset class as cryptocurrencies. Considering that 78% of their 3mln users are millennials, the move seems fitting as this group is especially attracted to cryptocurrency investments.

In line with the company’s mission, Robinhood will offer their cryptocurrency trading services for free.  On top of this, it promises instant purchase transfers on any amount under $1,000, and there will be no purchasing or withdrawal limits either.  The company will keep investor funds secure with offline cold storage, while its hot wallet reserve will be managed by a third-party wallet provider.

“We want to break even on this business, not to profit from it. We view this as an opportunity to expand our customer base and give our customers more access to functionality,” Tenev indicated to CNBC.

Robinhood’s cryptocurrency features will also include real-time price tracking of Ripple, Bitcoin Cash, Litecoin, Stellar Lumens, Zcash, Ethereum Classic, Monero, Dash, NEO, Qtum, OmiseGo, Bitcoin Gold, Lisk, and Dogecoin.  The trading app plans to accommodate markets for these coins–and potentially others–in the future, as well.

 

NEWSLETTER

Newsletter (Sidebar)

  • This field is for validation purposes and should be left unchanged.

RELATED ARTICLES

Bitcoin loan

How to Get a Loan in BTC

Confused about the pros and cons of getting a loan in Bitcoin? Learn the...

Read More
bitcoin futures vs bitcoin spot

Bitcoin Futures vs. Bitcoin Spot | Learn Which Trading Method Is Best for You

Not sure if you should trade Bitcoin futures contracts or Bitcoin spot on an...

Read More
Blockchain and human rights

How Blockchain Is Being Applied to Human Rights

It may be some time before blockchain technology has solved all the world's problems,...

Read More

NEXT ARTICLE

Getting Started Gold Bars.

NEXT ARTICLE

Why the United States Needs Blockchain for Relief Packages

It seems like only yesterday people were tepidly excited about receiving a $1,200 check from the U.S. government to lessen the hardships of stay-at-home orders and pandemic-induced loss of jobs. However, rent is due today. Grocery bills for June have yet to rack up. That $1,200, regardless of how one tried to stretch it, is…

ABOUT THE AUTHOR

Getting Started Gold Bars.

ABOUT THE AUTHOR

Colin is a freelance writer and crypto-enthusiast based in Nashville, TN. When he’s not speculating crypto futures, he’s probably letting his hair down and/or heading to a music festival–because stereotypes exist for a reason.