Robinhood App, financial services company headquartered in Palo Alto, California, has expanded its operations in another US state. Currently, the app is supporting ethereum and bitcoin trading, but it aims to eventually include at least fourteen digital currencies in its exchange.
The US stock brokerage application has added Colorado State in its network of supporting cryptocurrency trading. Company’s official announcement on Twitter read, “Robinhood Crypto is coming to a Rocky Mountain near you! Commission-free Bitcoin (BTC) and Ethereum (ETH) trading is now rolled out and available to investors in Colorado.”
Colorado, with a population of over 5.5 million people, is popular around the globe for legalizing both the medicinal and recreational consumption of marijuana. It has become the sixth state of the country to back Robinhood’s cryptocurrency trading service after Massachusetts, Montana, California, New Hampshire and Missouri.
As per Robinhood’s plan, it will be adding many more states in its network of virtual currencies if everything goes as planned. Against common belief, lack of success is not the reason behind Robinhood not pushing for a nationwide launch. Robinhood app has been able to raise a million followers since November 2017, moving up to 4 million users from 3 million last year. It has also risen over $100 billion in transaction volume and has reached a valuation of $5.6 billion in a new funding round in comparison to a valuation of $1.3 billion last year.
Although Robinhood is currently operating only in six states yet it provides market analysis of total sixteen digital currencies: ethereum, ripple, zcash, bitcoin cash, litecoin, qtum, omisego, dogecoin, monero, stellar, neo, ethereum classic, dash, lisk, bitcoin gold and bitcoin. The firm is also trying to develop Robinhood Feed which serves as a platform to discuss cyber currencies, news and market fluctuations in real time with other registered investors.
Robinhood app has seen tremendous success since its birth as it was able to attract one million users within four days of announcing the plans for zero-fee crypto trading. The company not only backs commission free trading but also aims to spread crypto trading to a wider audience. It expands the group of potential investors that use web-based apps and mobiles to democratize trading.
The basic idea is to boost traditional and crypto trading by eliminating additional expenses such as broker commissions. The users are allowed to access market information on more than a dozen altcoins. It not only offers trading BTC and ETH but provides services like “instant access” to funds via stock sales or deposits. The service is more comfortable and streamlined for investors against waiting for their funds to arrive on other platforms.
However, the company did not respond to queries regarding the launch of the platform for investors in states on Twitter. The company is focused on gradually increasing its nexus to maintain the quality of its services. One step at a time allows the company to manage its operations in a more organized manner while increasing the demands in other states that leads to a grand opening.