Commission-free investing app Robinhood has increased the number of cryptocurrencies available to its clients, as the company continues its efforts to deepen its involvement in the rapidly growing space. The addition of the fourth and sixth most valuable digital currencies respectively, is expected to give a second wind of life for cryptocurrency investors at this hard time.
It is expected that the company may soon expand the scope of their operations and offer more crypto currencies to traders to trade with.
Since we launched Robinhood Crypto in February, our customers have voiced interest in buying and selling other cryptocurrencies beyond Bitcoin and Ethereum [ether]. Robinhood has now added support for Litecoin (LTC) and Bitcoin Cash (BCH).
"We don't intend to make very much money on it at all for the foreseeable future..." The company announced, "We're happy to share that starting today, you can buy and sell Litecoin and Bitcoin Cash, commission-free".
Because of the murky landscape of cryptocurrency regulation in the United States, Robinhood only operates its crypto-functionality in select states, including California.
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Although the market presently is sluggish and many did not expect this to happen presently due to the bearish nature of the market, that they will adding two more cryptocurrencies to their no-fee app.
Fintech startup Robinhood is expanding its cryptocurrency trading product with two new token listings.
Robinhood says it topped 5 million users across the entire Robinhood platform, helped by "significant momentum generated over the last several months with the introduction of Options and Crypto". Robinhood cofounder Vlad Tenev had criticized existing cryptocurrency exchanges.
The news follows a report in May that Robinhood raised $363 million in a Series D funding round, which the company said would allow it to offer more crypto trading pairs in more markets in the U.S. The company is now in talks with regulators over acquiring a banking license in the United States, which would allow the firm to offer a wider range of financial services directly to consumers.
Image provided by Robinhood.