Litecoin and Bitcoin Cash have become the latest cryptocurrencies to join the roster on mobile trading app Robinhood Crypto.
Five months after the US-based app let customers begin trading with Ethereum and Bitcoin, Robinhood has announced its extending its crypto options due to “strong customer demand.”
“Since we launched Robinhood Crypto in February, our customers have voiced interest in buying and selling other cryptocurrencies beyond Bitcoin and Ethereum,” said Robinhood in a blog post. “We’re happy to share that starting today, you can buy and sell Litecoin and Bitcoin Cash, commission-free.”
In the same post, Robinhood announced it has tipped the 5 million user mark, fuelled in part by the push into crypto trading across 17 US states.
Robinhood launched in 2014 and has become a firm favourite among millenials and people looking to make their first investments. It doesn’t charge processing or transaction fees, has won awards for its intuitive design (namely an Apple Design Award in 2015), and was recently valued at $5.6 billion.
It began as an invite-only app and when it launched Robinhood Crypto in February this year, the waitlist exceeded one million customers. It doesn’t operate an exchange itself and instead acts as a broker with other exchanges.
There are limitations, though. Robinhood Crypto’s Bitcoin, Ethereum, Litecoin and Bitcoin Cash trading is only available in 17 US states – Arizona, California, Colorado, Florida, Indiana, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, Pennsylvania, Texas, Utah, Virginia, and Wisconsin.
Users outside of these states can track prices and set alerts for 16 coins – Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Ethereum Classic, Zcash, Monero, Dash, Stellar, Qtum, Bitcoin Gold, OmiseGo, NEO, Lisk, and Dogecoin – but can’t yet trade.
Robinhood said it plans to “further expand its coin offerings and add support for coin transfers,” soon with the company’s co-founder Baiju Bhatt previously saying he expects Robinhood Crypto to “cover the entire US by the end of 2018.”
CryptoNewsReview has contacted Robinhood to see if/when the service will launch outside of the US.