Stock Applications Robinhood Adds Free Bitcoin Transactions

nWalker Commentary: Robinhood, the recent stock trading mobile app that received $ 110 million in financing for the $ 1.3 billion “Unicorns,” recently announced the move to cryptocurrency. In February, the company will launch Robinhood Crypto, a free-to-buy bitcoin and ether-based application that does not charge users for any purchase and sale fees. Its source of revenue is mainly high-end services such as Robinhood Gold and unpaid cash in user accounts interest. This puts Coinbase, the No. 1 mainstream economy builder in bitcoin trading in the market, under greater competitive pressure.n
nTranslation: Clovern
Robinhood, the stock trading mobile app that has accumulated 3 million users, recently received $ 110 million in financing for the $ 1.3 billion Unicorn. Now, the company is also moving into the cryptocurrency space.n
In February, the company will launch Robinhood Crypto, a free-to-buy Bitcoin and Ether (Ethereum blockchain network tokens) app that will be launched in five states: California, Massachusetts and Missouri Montana and New Hampshire. (The company said they decided to launch the app in all five states based on “strategic and regulatory considerations.”)n

Robinhood co-founders Vlad Tenev (L) and Baiju Bhattn
And this move gives Coinbase new competition, now Coinbase is the largest mainstream buy broker bitcoin, with over 13 million users, but it has been because of the trading currency from time to time because of network traffic congestion situation The change is too high fees and criticized.n
Robinhood does not charge users for any fees, and its revenue comes mainly from high-end services such as Robinhood Gold, as well as interest on unpaid cash in user accounts. Robinhood Gold This service offers margin trading and $ 10 per month extended time trading.n
nThe company said Robinhood Crypto aims to “expand our user base and expand our existing revenue streams, such as Robinhood Gold.” Last year, Robinhood added web services and added options trading.n
nIn addition, Robinhood immediately added charts and custom price alerts for 16 different crypto currencies, including Bitcoin, Ether, Litecoin, SwissBit, Bitcoin, BitTorrent, Ethereum Classic, Zcash, , Monroe, Stellar, lisk, Quantum, OmiseGo, NEO, and Doggycoin.n
Robinhood was first introduced in 2014 when critics worried it would make it too easy for Millennials to buy stocks, potentially creating a financial crisis – college students who know nothing about the story can now put their bank accounts Money is deposited in these exchanges, and then the mobile phone can be bought and sold out of control with a little finger movement.n
But now cryptocurrency is a better example of these concerns: bitcoin has risen by nearly 1130% in the last 12 months and the ether has risen by 9670%. Now Robinhood has also entered the cryptocurrency market, which is also a warning for Coinbase.n

Leave a Reply

Your email address will not be published. Required fields are marked *