The commission fee exchange application Robinhood Crypto has added support for Bitcoin Cash and Litecoin to the growing list of virtual currencies that clients can trade on a popular stock exchange application. The site has five million users and is currently available to customers in 17 U.S. states.
The company also announced plans to add support for the transfer of coins. Most likely this means that Robinhood plans to issue a wallet for its application. Currently, users can buy and sell cryptocurrencies on the brokerage platform, but they can not invest in deposits, withdraw or send them.
WHY IS IT IMPORTANT?
1. Robinhood initially stated that it would arrange a revolution in the America’s brokerage business by providing zero commissions. However, the company isn’t hiding that its earning funds from other products in order to keep the exchange free and attract new users.
2. The exchange is aimed mainly at beginner traders. According to its representatives, the main task of Robinhood Crypto is to increase the user base and improve the quality of services provided.
By Ekaterina Ulyanova