Two months after launching its crypto trading platform, Robinhood expanded its service to another US state. Momentarily it supports just Bitcoin and Ethereum, but the app is planning to add at least another fourteen cryptocurrencies in the future.
Robinhood Trading Available to Colorado
Robinhood Financial LLC, the Palo Alto-based US stocks brokerage app, extended their service to another location, Colorado- where cryptocurrency trading is available for its customers. The company officially tweeted on Friday that: “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.”
The American state of Colorado gained worldwide popularity for being the first state to legalize the medicinal and recreational use of marijuana. And it also the sixth location in the country where Robinhood made available its cryptocurrency trading service. Before Colorado, Robinhood’s service was first launched in California, Massachusetts, Missouri, Montana, and New Hampshire.
Cryptocurrency Helping Robinhood
During its release, Robinhood assured that it will expand its crypto trading service to many more states if things go as planned. For the time being, whatever is preventing the company from spreading out nationwide right away, it is due to lack of success.
Robinhood helped cryptocurrencies reach over 4 million traders (from the 3 million from November 2017), well above $100 billion in transaction volume, which is valued at $5.6 billion in a new funding round (up from just $1.3 billion in last year’s previous round).
Aside from the few particular states that the cryptocurrency trading platform is accessible in, Robinhood also delivers market data on a list is comprised of sixteen cryptocurrencies including Bitcoin, Ethereum, Bitcoin cash, Litecoin, Ripple, Ethereum classic, Zcash, Monero, Dash, Stellar, Qtum, Bitcoin gold, Omisego, Neo, Lisk, and Dogecoin. The company is also working on developing Robinhood Feed, an online space for discussing cryptos, and market shifts in real-time with other traders on the platform.