Commission-free investing app Robinhood has increased the number of cryptocurrencies available to its clients, as the company continues its efforts to deepen its involvement in the rapidly growing space. Robinhood is most likely partnering with Coinbase behind the scene as one of its exchanges for instance. In addition, a job ad posted in June by Robinhood has led to the belief the company will soon be offering mobile crypto wallets as an in-road to further adoption by the industry.
The stock trading app Robinhood has expanded its crypto offerings, adding two new crypto assets to its trading app. The company announced, "We're happy to share that starting today, you can buy and sell Litecoin and Bitcoin Cash, commission-free".
Presently, the users of Robinhood could only trade on Bitcoin and ethereum which has the two most rated cryptocurrencies in market capitalization. Despite being more viable, the value of bitcoin cash has dropped more than 72% since the beginning of 2018 and litecoin is down 64% for the same period. "Right now the products are investing products, so crypto slots in very nicely alongside the 10,000 plus other instruments that people can trade", said Tenev. The two cryptocurrencies are now number six and four respectively in terms of market capitalization.
The company also said it has topped 5 million users across the entire Robinhood platform, helped by "significant momentum generated over the last several months with the introduction of Options and Crypto". Vlad said that Robinhood Crypto will disrupt existing business model of cryptocurrency exchanges.
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US-based mobile stock trading app Robinhood announced that it raised $363 mln in series D funding to expand its cryptocurrency trading service in the United States by the end of 2018, Thursday.
Reportedly, Robinhood has recently approached federal regulators about acquiring the licenses necessary to operate as a chartered national bank, which would allow it to offer traditional banking services to its customers as well as exempt it from the patchwork of state-level regulations governing money transmitter businesses.
Image provided by Robinhood.