Update as on May 7th, 2018: Robinhood, the brokerage app has declared that it has added another two locations in which crypto trading is supported. On Thursday, the company officially announced on Twitter that service is expanded to New Mexico and Wisconsin. Noticeably, in total there are eight US states now have an access to Robinhood Crypto app.
The Robinhood app also is known as zero fee stock trading app unveils its plans to on Thursday regarding the cryptocurrency trading by phone.
Robinhood app will allow users to buy and sell Bitcoin and Ethereum without add-on transaction fees. As per the announcement on Thursday, users in Missouri, California, Montana, Massachusetts and New Hampshire will be able to trade via an app. Besides, the app allows tracking 16 cryptocurrency’s price and notification.
List of the cryptocurrencies that Robinhood app allows users to view:
- Bitcoin Cash
- Ethereum Classic
- Bitcoin Gold
The company said in a news release:
“With today’s trading launch, we’re also announcing Robinhood Feed – a brand new way to discuss cryptocurrencies, news, and market swings, in real-time with other investors on Robinhood. Feed is available to a limited number of people on the platform and will evolve based on your, well, feedback”.
The Bloomberg post citied, since the Calif-based company, Palo Alto announced that it would offer cryptocurrency trading, the app users have soared from 2 million in April to more than 3 million in November. On Thursday, the company said that overall it had reached 4 million users and $100 billion volume in a transaction.
Remarkably, Robinhood is giving a tuff competition to the Coinbase Inc, the financial technology startup, and digital currency exchange. It has 13 million customers globally, and in 36 states it owns money transmitter license. Although, its unclear that how many of the new accounts have moved or has accounts in both startups.
The Robinhood app is added up to two new factors authentication options. However, it includes integrations with authenticator apps and ensures people that their wallet is secured.
The Robinhood co-founder Vlad Tenev says,
“There are several senior world-class people that we’ve hired recently that are building the system in-house.”
In the previous year, Cryptocurrencies had gained extra attention when Bitcoin price reached around $20000. However, it is also popularized for its extreme price fluctuation. But recently there was a slump in Bitcoin price, and it was trading at just $10,000.
The co-founder of Ethereum, Vitalik Buterin tweeted:
“Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. Don’t put in more money than you can afford to lose. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet”.