Robinhood Rolling Out Crypto Trading Platform For Georgians

Robinhood is a stock brokerage firm that allows customers to buy and sell U.S. listed stocks and ETFs with $0 commission by providing a contented access to the financial markets. The SEC registered broker-dealer and member of FINRA & SIPC after an April 2017 fundraising, had crossed approx $1.3 billion valuations. Further, The Wall Street Journal reported in 2018 that the company had closed another round of financing that valued the company at $5.6 billion.

Robinhood has been in news continuously since its execution due to its remarkable growth and the leverages which the exchange is rendering to the investors from all verticals. The firm was founded by Vladimir Tenev and Baiju Bhatt who had beforehand built high-frequency trading platforms for financial institutions in New York City. Tenev and Bhatt recognized that high-frequency traders and electronic trading firms pay effectively nothing to execute trades. This inspired Tenev and Bhatt to bring existing technology to the retail brokerage market with Robinhood, a commission-free stock brokerage. As of early 2018, Robinhood had 3 million user accounts as the online broker. This rising company does not charge commissions which makes easier than ever for the average investor to turn a profit trading on their brokerage.

Since, June 2018, the company was trying to obtain a US banking license and endeavoring to change the way of stock brokering culture in the United States by opening the cryptocurrency trading accounts with their constructive efforts. The organization has finally started to make good on this leak of potentiality, albeit relatively slowly by releasing cryptocurrency trading in four states before expanding to Iowa and New Jersey on July 31 and July 9 correspondingly.

Recently, Robinhood jumped on Georgia and launched a crypto trading platform for the residents of the state. That signifies now people of Georgia can open accounts and easily trade cryptocurrency including Litecoin, Dogecoin, Ethereum, Bitcoin, and Bitcoin Cash but with some caveats being a curator.

Presently, the service is open to certain residents within the state of Georgia and users cannot send or receive coins with the app, but can buy, hold, or sell the currencies. Also, users won’t have the access to their private keys and the wallet interface is yet to build. This move can be anticipated as a positive step for the company’s coming progression, and an indicative of breath-taking opportunities in the coming future.

However, Robinhood has indicated its strategies to add transfers “in the near future.” through a blog post 2 Aug 2018.

With this rapid growth, Robinhood comes after Coinbase after having a tremendous user base and support from the customer which seems the company is on a mission and undertake the exercise to inspire a new generation of investors.

Robinhood’s blog states:

“With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.”

Will Robinhood overtake Coinbase in cryptocurrency trading (Ethereum and Bitcoin) is yet be seen but With over 4 million users, Robinhood with its instrumental approach empowers the potential to rise above the competitors of crypto exchange platforms if everything goes as per the constant manoeuvre.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin7,641.68 0.21 % 3.32 % 5.45 %
Ethereum242.47 0.05 % 5.35 % 6.44 %
XRP0.374 0.03 % 6.33 % 16.66 %
Litecoin87.28 0.10 % 4.21 % 13.44 %
Bitcoin Cash389.42 0.04 % 6.06 % 6.39 %