Robinhood has quickly become one of the largest emerging apps to buy and sell traditional stocks. The company recently announced that they will be offering a way to trade bitcoin and ethereum, with more coins being offered later on in the apps life. The company stated that “Beginning in February, residents in five states will be the first to be able buy and sell — California, Massachusetts, Missouri, Montana and New Hampshire — with other states following in waves until trading is available nationwide.” Starting as soon as Thursday, users can track market data for different coins within the app.
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The CEO of Robinhood, Baiju Bhatt stated that “it is fairly obvious that people care about cryptocurrency. We want to be there and help shape the way the industry goes with a better platform at a better price.” Cryptocurrency is notoriously a risky place to put your money, but with great risk comes the possibility of great upside potential. The market is still in its infant stages which means that there are high levels of volatility as well as a high amount of sketchy business practices.
This has not stopped a new wave of investors from coming into the space in the hopes of making a large sum of money as many have before. With bitcoin being the subject of the cryptocurrency world for quite some time, it is no wonder that companies like Robinhood are beginning to get involved in the space. The potential to become a large player in the cryptocurrency industry just like they did in the traditional stocks industry, is extremely large. The hopes are high that the company is able to execute this new idea properly, so that it could have a large effect on the cryptocurrency market for some time to come.