Home / Cryptocurrency Daily Price Analysis / Robinhood Crypto Adds Two New Altcoins, Plans to Expand on Offerings

Robinhood Crypto Adds Two New Altcoins, Plans to Expand on Offerings

The California-based dealer burst into the crypto scene in January, and has since set plans in position to assist increase their affect on this trade, with those additions being no exception.

Commission-Free Litecoin and Bitcoin Cash Trading

Staying in step with its namesake, Robinhood has simply introduced strengthen for commission-free Litecoin and Bitcoin Cash buying and selling on their hastily increasing ‘Crypto’ app.

For those that are unaware, Robinhood is a feeless monetary products and services startup this is aiming to convey the monetary international to as many of us as conceivable. In January, Robinhood swiftly introduced a cryptocurrency carrier, briefly drawing the passion of tens of millions of customers.

But upon the discharge of the platform, many have been disenchanted in regards to the options it lacked, specifically the loss of a integrated pockets and strengthen for too few cryptos. However, Thursday’s announcement provides two new cryptos to the buying and selling lineup, which now precisely mirrors the ‘Coinbase Four.’

Charlie Lee, the founding father of Litecoin, took an interview with Cheddar on early Thursday morning to put across his ideas on the addition. He said:

“My goal is to basically have Litecoin supported by all the exchanges, by all the companies. So, Robinhood is one… Robinhood makes it really easy for anyone to buy Litecoin and get into Litecoin.”

The submit went on to observe that the Robinhood staff nonetheless intends on including the eventual strengthen for “coin offerings” and “coin transfers.”

Robinhood’s Rapidly Expanding Crypto Service

This announcement comes after Robinhood’s indications in opposition to hiring a cryptocurrency pockets developer, as NewsBTC reported in past due June.

In its present state, the Robinhood platform simplest permits for cryptocurrency buying and selling, disallowing for any deposits or withdrawals to be made on the platform. This characteristic, or lack thereof, makes the platform not anything greater than a value hypothesis platform, which irked quite a lot of shoppers.

However, in a secluded segment of the Robinhood web page, a task be offering seemed, inquiring for “Crypto Engineers” for the advance of “new functionality for our crypto product, such as adding new currencies or providing wallet functionality.” If the so-called “Crypto Engineers” can ship, Robinhood Crypto would possibly start to strengthen the switch of cryptocurrencies from their private wallets to the carrier, and vice-versa.

In the aforementioned weblog, the monetary products and services company additionally added that it had now reached 5 million customers around the Robinhood ecosystem. Business Insider identified that Robinhood’s buyer base has grown by way of two million folks since December 2017, with the 5 million determine now topping E*Trade’s clientele.

Venture capitalists appear to have picked up on Robinhood’s immense expansion statistics, elevating $363 million in May. Their Series D investment spherical valued the startup at an astonishing $five.6 billion, as companies like DST Global, Iconiq, Capital G and Sequoia Capital all made investments into the company.

Robinhood famous that it has a plan with this supplementary inflow of capital, pointing out:

“We’ll deploy the capital by accelerating our product expansion, even more, investing in our infrastructure and operations, and hiring more world-class talent to join us along the way.”

Cryptocurrency professionals have begun to recognize Robinhood’s rising presence, with some noting that Coinbase will have to be cautious of what Robinhood can convey to the desk. Robinhood would possibly nonetheless be a couple of years clear of overtaking Coinbase, however many are rooting for the luck of the fintech startup, as its luck will simplest assist to build up in style cryptocurrency adoption.

Featured symbol from Shutterstock.



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