Today, the trading platform Robinhood launched their new service of cryptocurrency trading in 5 U.S. States: California, Massachusetts, Missouri, Montana and New Hampshire.
The residents of these states can now buy and sell Bitcoin and Ethereum with Robinhood’s cryptocurrency trading platform.
Robinhood was already a trading platform for assets traded on the US stock market, which started in 2013. The Palo Alto (California) located exchange has made its name due to the absence of trading fees on the platform. It is currently worth $1.3 Billion.
Last month, Robinhood mentioned that the move was part of a push to bring cryptocurrencies to a wider audience of investors, using a platform which “democratizes” trading by expanding the pool of possible investors through its mobile and web-based apps.
According to Robinhood, the company makes cryptocurrency trading more accessible by eliminating transaction fees for its users.
The following statement explains the reach of robinhood,
“Together, we reached four million users and well over $100 billion in transaction volume on our brokerage platform, leading to over $1 billion in commissions saved in equity trades. With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.”
Jay-Z made a large investment in financial trading platform Robinhood in response to these recent news.
Robinhood also released their new social-media platform Robinhood Feed, where investors will have the possibility to discuss about the news, cryptocurrencies, and market in real-time.