Robinhood will let users trade cryptocurrencies for free

Mae Love
January 26, 2018

Most importantly, they will be able to purchase cryptocurrencies without incurring commission charges.

"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. The other coins that will be available on the watchlist are Bitcoin Cash, Litecoin, Ripple, Ethereum Classic, Zcash, Monero, Dash, Stellar, Qtum, Bitcoin Gold, OmiseGo, NEO, Lisk, and Dogecoin. He also pointed out that Robinhood Crypto will let users look at their entire active investment portfolio at once.

Watch out crypto exchanges as popular stock trading app 'Robinhood' known for its absolutely streamlined, no-commission approach is coming to steal your space in the crypto world.

The giant stock-treading phone application Robinhood after gathering up more than 3 million users has turned its eye towards crypto-trading.

"The SEC is devoting a significant portion of its resources to the ICO market", commission Chairman Jay Clayton, and J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, wrote in a commentary published Wednesday in The Wall Street Journal.

South Korea - a huge market for virtual coins - will ban the use of anonymous bank accounts in cryptocurrency trading on January 30, its regulators announced. A more resting and simplified created traded area for BTC and ETH combined with option trading, ETF and traditional stock in just a single app - the platform could hoist the crypto-rush even more.

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With this announcement, Robinhood has generated a lot of excitement among cryptocurrency fans.

Robinhood is valued at $1.3 billion, according to the company, and has raised over $170 million. Investors have sold off cryptocurrencies amid fears of an uncertain regulatory environment. and a breathtaking rally that has only recently begun to reverse. The app has also made provisions to account for volatility in cryptocurrency markets.

To start with, the service will only be offered to users in California, Massachusetts, Missouri, Montana and New Hampshire, but more states are set to follow.

"We're focused right now on the coins themselves, and I think in the near future we anticipate adding a variety of other coins before we extend to new asset classes."

"We see this as the entry point to financial services and investing for an entire new generation of investors", Bhatt said, suggesting Robinhood Crypto has the potential to "dramatically increase our growth rate". But, the company hopes to attract investors from the $550 billion cryptocurrency industry to the platform and its products, which already provide substantial revenue streams.

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