Stock trading app Robinhood announced it will begin to allow users to trade Bitcoin (TIKER: BTC.EXANTE) and Ethereum (TIKER: ETH/USD.BITFINEX) next month. The platform will roll out in California, Massachusetts, Missouri, Montana and New Hampshire in February with more states to follow, CNBC reported.
Digital currency trading marks the first paid product, other than trading on margin, for Robinhood, which made a name for itself by letting anyone buy and sell small amounts of stock without fees.
The company said it’ll only charge for cryptocurrency transactions to recoup the costs associated with trading the assets and won’t take a commission.
"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" Robinhood co-founder Vlad Tenev told TechCrunch.
"The value of Robinhood Crypto is in growing our customer base and better serving our existing customers," he added.
Robinhood will have no investment minimums or maximums, and no withdrawal limits for cryptocurrency trading.
After launching with Bitcoin and Ethereum, Robinhood Crypto will eventually support over a dozen other currencies. These include: Bitcoin Cash (TIKER: BCH.EXANTE), Litecoin (TIKER: LTC/USD.BITFINEX), Ripple, Ethereum Classic (TIKER: ETC/USD.BITFINEX), Zcash, Monero (TIKER: XMR/USD.BITFINEX), Dash, Stellar, Qtum, Bitcoin Gold, OmiseGo, NEO, Lisk and Dogecoin.