Over 1 Million Sign Up For Robinhood Crypto

Since announcing a commission-less cryptocurrency exchange, over 1 million people have signed up for the new trading app Robinhood Crypto in the span of less than a week. Robinhood, a tech company based in California, has been in operation since 2015 when they first released an app that allows users to purchase U.S securities from their smartphone devices. Now the move is to expand that to decentralized currencies. Currently only users in the states of California, Massachusetts, Missouri, Montana and New Hampshire will be allowed to trade directly on Robinhood Crypto, but everyone else can still utilize the app for non-trading purposes like price discovery.

In an interview with Business Insider Baiju Bhatt, a Robinhood cofounder, stated:

"Crypto is going to change the world and we want to help drive that. Today our business transacts 10,000 different symbols in equities and ETFs. We see millions of trades a day. In our brokerage industry there is no excuse for down time. We plan on bringing that mind-set to the crypto space. We don't view any of that stuff as acceptable."

The firm is looking to branch out to the remaining 45 U.S. states in the near future.

Robinhood is currently valued at $1.3 billion, and with the move into crypto with feeless trading, they likely will see substantial growth in the future. The firm is currently playing a long term game by offering access to crypto trading, with the average user being around 30 years of age. Also, as these user grow older and build their wealth they will likely stick with the platform that first gave them a window into the cryptocurrency world, as supposed to other competitors when they eventually arrive. A very smart move on their part since crypto is a predominately a young mans game.

Source: Business Insider