Robinhood Adds Litecoin, Bitcoin Cash to Cryptocurrency Offering
Commission-free investing app Robinhood has increased the number of cryptocurrencies available to its clients, as the company continues its efforts to deepen its involvement in the rapidly growing space. The latest addition expands the total number of cryptocurrency assets available on Robinhood’s platforms to four.
The six-year-old startup now allows more than 5 million customers across 17 US states to buy, sell and hold Litecoin and Bitcoin Cash alongside the already installed Bitcoin and Ethereum. Robinhood also says that in the future it plans to add more types of investment vehicles and a slew of other cryptocurrencies.
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The new listings follow on the heels of the launching of a new tool, called Options and Crypto, which Robinhood says it helped generate “significant momentum over the last several months.”
Robinhood Crypto got off to a good start in late February for residents in five states – California, Massachusetts, Missouri, Montana, and New Hampshire.
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“Since we launched Robinhood Crypto in February, our customers have voiced interest in buying and selling other cryptocurrencies beyond Bitcoin and Ethereum,” Robinhood said in a blog post on Thursday.
The competitive landscape for cryptocurrencies in the US is heating up. Last month, Coinbase announced that it is moving forward with a plan to acquire licensure that would allow the company to begin offering blockchain-based securities and participate in the ICO market. The company has also acquired the broker-dealer Keystone Capital Corp., based in California.
Also in May, Robinhood raised its latest round of funding, bringing in $363 million at a $5.6 billion valuation.
The Silicon Valley company said that it would use the funds to increase hiring and develop new products around its stock trading app, which allows users in states where Robinhood has obtained regulatory approval to acquire digital currency with no minimum purchase amount.
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