Online brokerage startup Robinhood is launching commission-free cryptocurrency trading
Cryptocurrency fans, rejoice! Online brokerage startup Robinhood is launching commission-free cryptocurrency trading. Beginning in February, Users of Robinhood, the commission-free investing app, will soon be able to invest in cryptocurrencies alongside more traditional investment offerings. The initial crypto trading will only include bitcoin and ethereum, with more coins offered later. Residents in five California, Massachusetts, Missouri, Montana and New Hampshire will be the first to be able buy and sell. Other states will follow later.
Dubbed as “Investing. Now for the rest of us,” Robinhood lets you learn to invest in the stock market for free. Robinhood Financial is a member of SIPC, which means securities in your account are protected up to $500,000. Robinhood is the world’s fastest-growing brokerage democratizing America’s financial system, released free options trading providing all investors access to one of the most powerful trading tools. Options trading on Robinhood is designed to be a cost-effective and seamless experience, distinct from existing offerings.
Along with the news, Robinhood also announced in Twitter post the introduction of Robinhood Crypto. The company is already giving early access to its users.
Introducing Robinhood Crypto. Invest in Bitcoin and other cryptocurrencies commission-free on the Robinhood platform, 24/7. #DontSleep. Get early access https://t.co/28TamoX4rO pic.twitter.com/MiQ9xnsoaq
— Robinhood (@RobinhoodApp) January 25, 2018
“Now in Robinhood, for the first time, consumers will be able to invest in and trade stocks, ETFs, options and cryptocurrencies all in one place. You don’t need to have different apps, or be checking stocks on Robinhood and then logging into some exchange in Asia to trade your cryptocurrencies. It’s all consolidated,” says Baiju Bhatt, who serves as co-founder and co-CEO of Robinhood alongside Vlad Tenev.
Launched in 2015 by Co-Founders and Co-CEOs Vlad Tenev and Baiju Bhatt, Robinhood’s powerful investment platform offers commission-free U.S. equity and options trading, as well as margin and extended hours trading through Robinhood Gold. The fastest-growing brokerage ever, Robinhood counts over three million users and billions of dollars in transaction volume. Headquartered in Palo Alto, California, the company is backed with $176 million from DST Global, Index Ventures, NEA, and Thrive Capital, and most recently valued at $1.3 billion. Robinhood is democratizing access to America’s financial system.
With this announcement, Robinhood has generated a lot of excitement among cryptocurrency fans. Jeff Morris Jr., a Lead Revenue products at Tinder said in a Twitter post: “Robinhood announcement is huge for crypto: 1. Competition for Coinbase. As Robinhood releases new coins, puts pressure on Coinbase to do the same. 2. Millennials will see little difference between public equities & crypto. 3. New audience will be addicted to the crypto drug.”