Robinhood, a no-fee mobile app, will be released in February
An application promises to tinker with the crypto-currency market as of February. Robinhood, a non-commissioned stock trading app promises no-fee moves between Bitcoin and Ethereum on its platform. To get an idea, other platforms like Coinbase charge fees for the same transactions at percentages ranging from 1.5 to 4 percent.
The application will also allow users to track prices, news and set alerts on 14 other currencies besides Bitcoin and Ethereum. The platform is a pioneer in the segment and is expected to serve as a precedent for other platforms to adopt the model.
"We are planning to operate this business in terms of balance and we do not plan to profit from it for the foreseeable future," says Vlad Tenev, co-founder of Robinhood. "The value of Robinhood Crypto is in increasing our customer base and better serving our existing customers."
The company plans to make the zero-rate crypto-currency trading facility a "loss-leader" type to attract more users to its platform. The innovation will leverage negotiations and increase its client portfolio, which already has about 3 million people.
"We believe that crypto-coins have the potential to fundamentally reorganize the way money works from the beginning, putting power previously held by financial institutions directly in the hands of people," Robinhood added in his announcement. "We are an established company and we can handle it."
So far, Robinhood has handled about $ 100 billion in transactions, with users' estimated savings at rates as high as $ 1 billion. Spectacular numbers, experts say.
The application is not yet available for all countries, but its developers plan to expand it very soon, gradually and according to demand.