Robinhood Crypto, the commission-free cryptocurrency trading service of Robinhood, the popular zero-fee stock trading app, has launched in five US states – California, Massachusetts, Missouri, Montana, and New Hampshire. Residents of those states can now buy and sell Bitcoin and Ether through Robinhood’s app.
According to the company blog post, the service will be rolled out “in many more states later”. In the meantime, all investors on Robinhood can monitor and track market data for 16 cryptocurrencies.
Along with the new trading service, Robinhood has also announced the launch of Robinhood Feed – a brand new way to discuss cryptocurrencies, news, and market swings, in real-time with other investors on the platform. The feed is available to a limited number of users and will evolve based on clients’ feedback.
“Over the past few weeks, we’ve been overwhelmed by the enthusiasm towards Robinhood Crypto and are excited to contribute to the cryptocurrency community in a meaningful way,” the company said. “With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.”
Robinhood was founded in 2013 in California by two Standford University math graduates Baiju Bhatt and Vlad Tenev and launched towards the end of 2014.
Between the December 2014 launch and May 2015, Robinhood attracted hundreds of thousands of users, 25% of them being first-time investors, and generated transactions for over $500 million on its platform. According to the most recent information, currently Robinhood has 4 million users and well over $100 billion in transaction volume on the brokerage platform, leading to over $1 billion in commissions saved in equity trades.
Robinhood Financial is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash).