Zero commission cryptocurrency trading platform Robinhood Crypto has announced that it will now lets users trade Litecoin and Bitcoin Cash on the platform. Until now the crypto trading platform only supported trading in Bitcoin and Ethereum. The digital currency exchange has been expanding services across more American states as it seeks to rival Coinbase.
Litecoin and Bitcoin Cash coming to Robinhood Crypto
On July 12, 2018, Robinhood Crypto announced its plans to begin trading Litecoin and Bitcoin Cash over its platform. The company announced, “We’re happy to share that starting today, you can buy and sell Litecoin and Bitcoin Cash, commission-free.” Robinhood Crypto was launched in February 2018 by equity trading platform Robinhood. It supported trading only in Bitcoin and Ethereum when launched.
Beginning July 12, 2018, Robinhood Crypto users will be able to invest and trade Litecoin and Bitcoin Cash. The two cryptocurrencies are currently number six and four respectively in terms of market capitalization. The zero trading fee cryptocurrency exchange has already expanded to 17 states across America.
More than 5 million users
It has also been announced that the platform now has more than 5 million users across all Robinhood platforms. It could be significant as it prepares to battle Coinbase to become the number one player in the industry. Robinhood cofounder Vlad Tenev had criticized existing cryptocurrency exchanges. He said that they were hand twisting customers to collect exorbitant trading fees. Vlad said that Robinhood Crypto will disrupt existing business model of cryptocurrency exchanges.
He publicly acknowledged that the current aim of Robinhood Crypto was to only break even. The company had raised $363 million in a Series D funding in May 2018. Robinhood is also in negotiations with financial regulators to receive approval for a financial services license. The company could be looking to become a universal finance and trading hub.
Image provided by Robinhood.