Stock brokerage application Robinhood has started revealing its new digital currency trading platform to clients in 5 states.
Starting Thursday, clients who pre-registered for Robinhood Crypto will start getting emails inviting them to partake in an early access program for the platform, which enables investors to trade digital currencies, stocks, and exchange trade funds (ETFs) next to each other on a solitary platform.
“Over the past few weeks, we’ve been overwhelmed by the enthusiasm towards Robinhood Crypto and are excited to contribute to the cryptocurrency community in a meaningful way, the company said in a statement. “With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.”
As CCN detailed, the service will at first just be accessible to residents of California, Massachusetts, Missouri, Montana, and New Hampshire, however the company plans to venture into different states as it gains more money transfer licenses, which are conceded at the state level.
In spite of the constrained roll-out, the creation of Robinhood Crypto guarantees to introduce a large number of new clients with digital currency trading over the long run.
It took less than a week for the new platform to accomplish 1 million pre-registration, and the firm said that its business platform as of now has 4 million clients, who all things considered have accomplished more than $100 billion in trading volume.
At launch, Robinhood Crypto supports Bitcoin and Ethereum trading, despite the fact that clients, including the individuals who don’t yet access Robinhood Crypto — can monitor and track market information for 16 currencies, demonstrating that the company plans to grow it crypto asset offerings later on.
With regards to its main goal to “make the financial system work for everyone,” Robinhood won’t charge commission on digital currency trades, however costs will incorporate trading fees charged by the underlying exchanges.
Robinhood faces rivalry from industry giant Coinbase, which accomplished more than $1 billion in income a year ago, and also Square Cash, which as of late launched commission-free Bitcoin exchanging to the greater part of its US clients. In any case, given its fast prominence among its client base, it would not be shocking to see Robinhood quickly catch a sizable offer of the US digital currency brokerage market.