In February, Robinhood, which is a famous financial services company, is going to offer BTC and ETH trading services through its mobile applications. The company notified about its decision on Thursday, January 24, and it hopes to draw some crypto supporters to its more ‘old-fashioned’ products.
Initially, the provider will reach out to their customers in five American states, among which are New Hampshire, Missouri, California, as well as some others. With time, the company plans to broaden its horizons.
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The firm’s co-founder and Chief Executive Officer Vlad Tenev, in the commentary to Coindesk, said:
"We've come to understand that cryptocurrencies as an asset have exhibited clear and underlying resiliency and have integrated themselves as part of a diversified and balanced portfolio."
Free Services. But How?
But most importantly, the firm is going to provide its clients with such services free of charge. That should not be surprising as it is controlled by the US Securities and Exchange Commission, as well as the US Financial Industry Regulatory Authority. Another advantage that Robinhood pledges to realize is the instantaneous remittance on cyber money buying for less than $1,000.
Somebody may argue that providing free-cost servicing to clients is an impasse for any business, but CEU Tenev does not think so. He claimed that Robinhood plans to engage crypto investors into the process, which is already bringing returns.
In particular, the company gains earnings thanks to premium services, which are available to clients when they pay for them. This package permits margin and after-hours types of trading. On the whole, it gathered $176 million in VC, so now Robinhood is ready to step into the crypto game.
However, the company does not want to lead on cyber money fans to more classical services. According to Tenev’s words, they also want to allow people invest in digital currencies through traditional tools. By the way, recently, as the firm claims, the number of their clients’ accounts surpassed the margin of 3 million.
Which Currencies Will Robinhood Offer?
Primarily, the firm will let its clients use BTC and ETH for trading, and that will happen almost instantly. But with time the users will be exposed to other 14 various cyber coins, including BCH, DASH, LTC, XRP, ETC, and more.
Interestingly, the customers will be able to create their own lists of cryptos, which are going to assist them in checking the overall prices, get familiar with the most recent news and so on.