Robinhood Crypto just got joined by more than 1 million individuals in only five days after its declaration to empower bitcoin and ethereum trading February. Robinhood is basically a brokerage firm that is known for its zero commission stock trading application.
Only five days back, Robinhood reported that it will go into the universe of digital currency trading. From that point forward, around 1 million individuals have officially agreed to accept an early access to Robinhood Crypto. Starting in February, it will permit no-charge digital money trading and individuals just can hardly wait to join the million long shortlist of this exchanging platform.
Be that as it may, this service won’t be accessible to each resident of US yet just five of its states. These five states would be Missouri, Massachusetts, California, Montana and New Hampshire.
As per a media source, preceding the declaration, Baiju Bhatt, the co-founder said in an interview:
” Crypto is going to change the world and we want to help drive that.”
The federal judges in New York, US presently can’t seem to make any rule on whether the US government truly had the expert to put regulations on the digital currency offerings. This decision will decide whether bitcoins among different digital currencies can be managed in a comparable way as bonds, stocks and other traditional investments.
The co-founder of Robinhood, Vlad Tenev additionally discussed the capability of digital currency:
“Cryptocurrencies have become the first foray into investing and financial services to a large number of people. Now it’s become more and more clear [that bitcoin is an] investing asset.”
There has nobody from the non-crypto world that has gone into the digital currency trading market. Robinhood would be the first to do as such. After this market is known for high fees, outages and long periods of downtime.
Discussing the market potential, Bhatt additionally elucidated that the company is all prepared to deal with more volumes and new customers:
“Today our business transacts 10,000 different symbols in equities and ETFs. We see millions of trades a day. In our brokerage industry there is no excuse for down time. We plan on bringing that mind-set to the crypto space. We don’t view any of that stuff as acceptable.”
Bhatt said that from a business perspective, the move is a client acquisition play. It is apparent from the 3 million more clients added to the firm.
“We are going to break-even on this. But it could dramatically increase user growth.”
According to the company, Robinhood is valued at $1.3 billion and has raised more than $170 million. In any case, the company wouldn’t like to make a remark on its profitability.