Cryptocurrency Trading On Phone Launched By Robinhood
Robinhood is an app, which supports small stock investments without paying a commission and allows users to invest in digital currencies, according to the company’s announcement.
The new option will be available yet for users in California, Missouri, Montana and New Hampshire. The cryptocurrencies, that will be available are Bitcoin and Ethereum. In the near future more states and more cryptocurrencies could potentially be involved in the program.
The company informed in a press release;
“With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.”
Robinhood’s user numbers have jumped from 2 million in April to more than 3 million in November, as Bloomberg informed. It came after California based company Palo Alto announced about cryptocurrency trading.
Robinhood also announced on Thursday it hit 4 million users and more than $100 billion in transaction volume.
Cryptocurrencies have gained a great deal of renewed attention in recent months as prices of Bitcoin soared to nearly $20,000 in November. But it is also known for its wild fluctuation. On Thursday, the Bitcoin price was just under $10,000. However, Robinhood’s commission-free trades on small amounts of money could spur users into taking a gamble.
The co-founder of Ethereum Vitalik Buterin posted, that cryptocurrencies are still a volatile assets and could drop to zero at any time. Also Buterin advised not to invest big money in crypto. He said, that traditional assets are still safer, than cryptocurrencies.