The giant stock-treading phone application Robinhood after gathering up more than 3 million users has turned its eye towards crypto-trading.
From February, the fee-less digital asset trading ground will be available on the platform giving the opportunity for the user to pair Bitcoin and Ethereum on the way they see fit [buying/selling] with no additional transaction fees – compared to the 1.5 – 4 percent fees in the US coming from Coinbase.
“We’re planning to operate this business on a break-even basis and we don’t plan to profit from it for the foreseeable future” says Robinhood co-founder Vlad Tenev. “The value of Robinhood Crypto is in growing our customer base and better serving our existing customers.”
As we mentioned above, the 3 million users that Robinhood already has could very soon be just a small marked that was passed very quickly. A more resting and simplified created traded area for BTC and ETH combined with option trading, ETF and traditional stock in just a single app – the platform could hoist the crypto-rush even more.
Robinhood is also immediately adding charts and custom price alerts for 16 different coins: bitcoin, ether, litecoin, ripple, bitcoin cash, bitcoin gold, ethereum classic, Zcash, dash, monero, stellar, lisk, Qtum, OmiseGo, NEO, and dogecoin.
Almost 4 years ago, when the app was born – various figures that did not believe in its strategy thought that making investment so easy for millennials could be a fire to play with as from that point individuals with no understanding about stock market or other fields could just deposit money from the bank account and hit the buttons.
The issue above is not something to weight your mind on as the cryptocurrency investing gold-rush is even a better example of fears being formed: as an example – Ethereum token price against the US Dollar in just a year has grown from $10.0 (ETH/USD) to around $10,000 now. The movement from the app many are considering equal to a warning alarm for exchanges to come up with plans and improvements as competition is stepping in.