Robinhood, the US-based commission-free online broker, announced yesterday via Twitter that it was expanding the rollout of its crypto trading service ("Robinhood Crypto") to Colorado
Robinhood's mobile app, which is available for both Android and iPhone, is called ""Robinhood - Investing, No Fees".
The company, headquartered in Palo Alto, California, was launched back in 2013. It was founded by two Stanford University graduates, Vlad Tenev and Baiju Bhatt, who decided that by cutting costs to the absolute minimum, they could offer a basic commission-free online brokerage service, via their mobile app, to people wishing to invest in US-listed stocks and exchange-traded funds (ETFs).
Robinhood, the US-based cryptocurrency exchange service offers a mobile app which can be used for trading publicly. This might be the monotonous duty of every other exchange in the market but what makes Robinhood stand out is that it doesn’t charge any commission for trading and they earn through the interest obtained on customers’ cash balances and margin lending.
Their latest tweet announced:
“Robinhood Crypto is coming to a Rocky Mountain near you! Commission-free Bitcoin [BTC] and Ethereum [ETH] trading are now rolled out and available to investors in Colorado.”
The competitive landscape for cryptocurrencies is heating up in the U.S. with this announcement of the Zero-Commission start-up exchange expanding there. The platform revealed non-commission-based trading for Bitcoin and Ethereum in the western state Colorado, which is known for its blockchain friendly legislation.
Earlier in April, Robinhood had also added the same in California, Massachusetts, Missouri, and Montana. Users are now excited and rushing in with requests to move to their cities like Texas, Florida, Arizona, and others.
According to people’s cumulative opinion, if Robinhood works on listing more of the cryptocurrencies and expanding further in the US and elsewhere, clients will willingly shift from their existing trading platforms to Robinhood.
As of now, Robinhood hasn’t opened up anything about other altcoins, except supporting Bitcoin and Ethereum but offers market data for a number of altcoins