No-commission stock trading app Robinhood is set to start letting some users buy and sell Bitcoin and Ethereum. From next month, the app will offer round-the-clock, commission-free trading in five US states, including California. More states and more cryptocurrencies will follow.
Meanwhile, all Robinhood users will be able to add 16 cryptocurrencies to their watchlists, monitor market data, read related news, and create custom price alerts.
“We believe that cryptocurrencies have the potential to fundamentally reorganize the way money works from the ground up, putting power previously held by financial institutions directly in the hands of the people,” says a blog.
By going commission-free, Robinhood is undercutting the likes of Coinbase, which charges users of its massively popular service up to four per cent.
The startup tells TechCrunch it does not plan to profit from the move into cryptocurrencies. Instead, it will hope to use it to increase its three million-strong userbase.