Incredibly successful website and mobile application "Robinhood" has added support for cryptocurrencies, 15 to be exact.
The full list of coins you can track is Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Ethereum Classic, Zcash, Monero, Dash, Stellar, Qtum, Bitcoin Gold, OmiseGo, NEO, Lisk, and Dogecoin.
This move will outflank competitors like Cobinhood, Binance, etc. and allow Robinhood to take on more users to add to it's total of 3 million active users. It will also provide a path to crypto for all of those users whose money is already on the platform. Presumably, a current Apple investor could initiate a quick "sell" for USD, then by a popular coin virtually instantly, within a few seconds.
With the reuptability that comes with years of success comes trust from users and ease of adoption of this new product. I anticipate that we will see millions in volume to be added to each of the coins above in the coming days and months.
Robinhood is set to add the cryptocurrencies starting in February, 2018. “We’re planning to operate this business on break even basics and we don’t plan to profit from it for the foreseeable future” says Robinhood co-founder Vlad Tenev. “The value of Robinhood Crypto is in growing our customer base and better serving our existing customers.”
So basically, Robinhood is willing to lose money to be able to service customers interested in Crypto.
With the beginning of 2018 being so bloody, expect this move by Robinhood to help out in the coming months as we inch toward investor adoption.
There are already over 100.000 on the waiting list. Could bring some volume into the market. We will see.
