Recently, Robinhood, free commission stock trading platform has been continuously initiating an easy, no-fee way for retails customers to invest in the stock market. It is now gradually enhancing its crypto trading services to different states.
According to its statement; Georgia users are now allowed to trade BTC, BCH, ETH, LTC and DOGE. But, each one must have the option to trade coins in their Robinhood app without changing any settings.
Robinhood Crypto is coming to Georgia, and we're feelin' peachy! Trade cryptocurrencies, commission-free. 🍑 pic.twitter.com/8eX57gv8sw
— Robinhood (@RobinhoodApp) August 2, 2018
Although, the crypto trading service is only available for certain states of Georgia. Further, it seems to be a big step that indicates a wide opportunities in future. In addition, Robinhood has to cop up the regulation on a basis of state as to make a clear way for users to trade crypto assets. The Robinhood’s research page shows that at present the trading is available over 18 countries.
The app is now more than a custodian of cryptocurrencies since user cannot access their private keys. Also the wallet interface is not yet built in. However, users can only buy, hold or sell the cryptocurrencies. But they are not allowed to send or receive coins using app.
At the beginning, the app was initiated only with four states, New Jersey and Iowa states were recently opened up for trading.
The company stated that;
“With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy”.
Robinhood is now valued at $5.6 billion after a successful funding round D that saw it raise $363 million. At that valuation, it is now the second most valuable private fintech startup in the U.S. after Stripe. The valuation was $1.3 billion after its last fundraising round a year ago and therefore has more than quadrupled.
Robinhood Crypto is now available in 10 U.S. states and is expanding as it acquires licenses to operate in other states. With it, users can track market data for 16 different cryptocurrencies including Ripple and Zcash. Coinbase already allows customers to trade Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Image Source: Robinhood