Crypto Trading Added To Robinhood’s Commission-Free Platformbr>
Stock trading app Robinhood has announced that it will introduce cryptocurrency trading on its commission-free platform next month.
Founded in 2013, Robinhood is a stock brokerage application that democratizes access to the financial markets. The platform enables its customers to buy and sell US listed stocks and exchange-traded funds (ETF) with zero commission.
The crypto integration will allow retail investors to trade bitcoin and ethereum with no fees. It will also allow users to track the price of a number of other cryptocurrencies, including Ripple and Litecoin.
“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,” said Robinhood co-founder Vlad Tenev. “The value of Robinhood Crypto is in growing our customer base and better serving our existing customers.”
Robinhood’s goal is to expand its user-base, which will in turn grow its existing revenue streams such as Robinhood Gold. Last year, the company created a web version of its service and added options trading.
“We believe that cryptocurrencies have the potential to fundamentally reorganize the way money works from the ground up, putting power previously held by financial institutions directly in the hands of the people,” the company said.