Robinhood is a rapidly expanding fintech company. The company's main offering is a mobile app that allows customers to buy Bitcoin and trade other cryptocurrencies. In view of the tremendous success of Robinhood, it is not surprising that the company is also part of the elite circle of so-called “unicorns”. For example, the financial world refers to start-ups with market valuations in excess of $ 1 billion.
Now Bitcoin Cash and Litecoin traded on Robinhood
Now Robinhood has expanded its app's trading offering. The company now also offers trading in Bitcoin Cash and Litecoin.
Recently, the start-up also announced that it had reached the mark of 5 million users. Already in May, the company had a value of 5.6 billion USD. This was preceded by a D round of financing, which brought the company $ 363 million.
With the achievement of the most recent milestone, Robinhood added Bitcoin Cash and Litecoin to its cryptographic trading service. It is currently available in 17 US states and has facilitated trade in Bitcoin and Ethereum.Perhaps more significant is the company's announcement that they want to support coin transfers in the future. This confirms the assumption that the company is currently developing its own cryptowallet. This could then use the customers within the trading app. Currently, users of the platform can buy and sell cryptocurrencies through the app. However, you can not pay or withdraw cryptocurrencies on it. A transfer is currently not possible.
Users inside and outside of markets where Robinhood is available can also use the app to track the current 16 crypto currencies.
Robinhood has a lot of capital
The company has hundreds of millions of dollars of capital available. In addition, it already has a successful trading platform. Therefore, it is not surprising that the company declares that they do not expect to generate profits through the crypto trade. Rather, they want to continue operating the service so that a black zero is achieved. The plan was to secure its market share and become the world's largest crypto platform, it said.
Robinhood should also have approached US regulators. It should have gone to the receipt of licenses, more specifically to the licenses that are required for approval as a national bank. If this project is to be successful, the company could offer its customers banking services in the future. At the same time, Robinhood would be excluded from the patchwork of US federal regulations. This mainly concerns regulations that apply to money transfer services. At present it is not known how far these talks have progressed. Other fintech start-ups, such as Square, have so far been unsuccessful in the same attempt. They, too, had tried to obtain national banking licenses.
Those interested can download the Robinhood app for free from the Google Play Store and the Apple App Store.
Sources: Inc.com, CNN Money, Robinhood, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-boerse-robinhood-offer-with-the-dealer-with-bitcoin-cash-and-litecoin-an/
Disclaimer: CoinNewsDesk.com is a crypto news portal, financial discussion forum, and content curator / aggregator. Articles on Coin News Desk are provided for entertainment and information purposes only. We are not an investment advisor and do not provide financial advice.
We can not review all articles posted on CoinNewsDesk.com. Please independently research and verify any information here before relying on it as fact. It's also important to do proper due diligence and analysis, including consulting a professional financial advisor. No content on Coin News Desk makes any recommendation to enter into any type of investment or engage in any investment strategy on this website.