Mobile app stock trading provider Robinhood has formally launched cryptocurrency trading, rolling the new service out to five U.S. states today.
The company says that residents of California, Massachusetts, Missouri, Montana and New Hampshirecan can now buy or sell bitcoin and ethereum using the new Robinhood Crypto platform. The service will also allow investors to track 14 other cryptocurrencies, including bitcoin cash, litecoin, XRP, ethereum classic, zcash, monero, bitcoin gold and dogecoin.
In first announcing the new offerings last month, Robinhood said the move was part of a push to bring cryptocurrencies to a wider audience of investors, using a platform which “democratizes” trading by expanding the pool of possible investors through its mobile and web-based apps.
According to its website, the company makes both traditional and cryptocurrency trading more accessible by offering “zero commission trading” to its customers.
The announcement provided some metrics as to how the firm is reaching new investors, saying:
“Together, we reached four million users and well over $100 billion in transaction volume on our brokerage platform, leading to over $1 billion in commissions saved in equity trades. With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.”
In addition to Robinhood Crypto, the company announced the launch of Robinhood Feed, a social media-type platform which will enable investors to discuss different cryptocurrencies, news surrounding the space and the markets in real-time.
The Feed platform is currently only available to a limited number of people, according to the announcement.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple and Zcash Company, the for-profit entity that develops the zcash protocol.
Stock index image via Shutterstock