More than 1 million people sign up for early access to Robinhood’s new crypto trading service
Last week we reported about the new online brokerage startup, Robinhood, launching a commission-free cryptocurrency trading service. The service is generating a lot of interest among cryptocurrency fans. According to the report from CNBC, more than 1 million people have joined the waitlist for Robinhood Crypto in just four days.
Last Thursday, Robinhood announced it was rolling out no-fee stock trading app and commission-free trading in digital currencies bitcoin and ethereum starting in February. The initial crypto trading will only include bitcoin and ethereum, with more coins offered later. Even though the service is only going to be available to residents in five California, Massachusetts, Missouri, Montana and New Hampshire will be the first to be able buy and sell., that did not stop hundreds of thousands of people from signing up for the early access to join the waitlist.
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.
“I think we’re going to be seeing more and more of these on-ramps,” Stephens said. “I think this is the beginning of a huge wave embracing this asset class,” Robinhood co-founder Vlad Tenev told CNBC.