Robinhood developed an application for cryptotrading without fees

Robinhood developed a mobile platform for buying and selling BitCoin and Etherium with no transaction fees. The service will start working in February 2018. The fintech start-up Robinhood  appeared in 2012...

Robinhood developed a mobile platform for buying and selling BitCoin and Etherium with no transaction fees. The service will start working in February 2018.

The fintech start-up Robinhood  appeared in 2012 and is now one of the most expensive in its field today. Google Ventures, Andreessen Horowitz and Index Ventures funds are among the company’s investors. Its capitalization is estimated at $ 1.3 billion.

Zero commission is the original idea of the creators. Customers from the US and Australia can trade shares of public companies without additional fees. At the same time, Robinhood earns a percentage of the value of user assets and offers premium Robinhood Gold accounts with additional privileges ranging from $ 6 to $ 200 per month.

Now the company decided to enter the cryptomarket. Robinhood founders state the application is designed not for profits. The company plans to attract new customers to its key brokerage services with the assistance of the application. Now the company has 3 million customers.

Two main cryptocurrencies (BitCoin and Etherium)  will be available for a direct trade, but the application also helps its users to trace price, news and set notifications related to 14 another most popular coins, like Litecoin and Ripple.

The website Robinhood Crypto has already over 1 million registered users to be the first to access the service.

The company will initially launch its cryptoproject in five states: California, Massachusetts, Missouri, Montana and New Hampshire. In case the start will be successful Robinhood will scale the platform for more users.