Robinhood adds support for Litecoin and Bitcoin Cash
Expanding Robinhood Crypto to include even more options
Posted on July 12, 2018 11:48 PM.
Fintech startup Robinhood is expanding its cryptocurrency trading product with two new token listings. Users in selected states can now trade Litecoin and Bitcoin Cash from the app.
Robinhood quickly made a name for itself as millions of users flocked to the app to trade stocks, ETFs and options. After launching crypto, they quickly became one of the go-to apps for hobbyists to buy and sell crypto. With no transaction fees, Robinhood is a more attractive option for those trading frequently, rather than Coinbase which takes a percentage fee every time you make a trade. Though, it's unlikely Robinhood poses as direct competition to Coinbase, at least in the near term.
The startup doesn’t operate an exchange itself. It acts as a broker with other exchanges. Robinhood is most likely partnering with Coinbase behind the scene as one of its exchanges for instance. On a user experience level, Robinhood Crypto competes with Coinbase’s main product and Circle Invest.
The downside is, rather than Coinbase which allows you to manage a wallet address, Robinhood only allows transactions to and from fiat currencies.
We’re working hard to make Robinhood Crypto available to everyone, and it’s currently available in 17 states: AZ, CA, CO, FL, IN, MA, MI, MS, MO, MT, NJ, NM, PA, TX, UT, VA, and WI. We also plan to further expand our coin offerings and add support for coin transfers.
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