App Robinhood is a stock trading app. Now, it is raising funds for the launch of the USA wide cryptotrading platform. Fee? Fee will be equal zero. The funding turns Robinhood in the second important fintech startup in the United States, and its current worth is approximately 5,6 mln USD.
Now, among its investors are such famous names as Sequoia Capital, Iconiq Capital, Kleiner Perkins, and so on. Brokerage accounts based on this platform are used now by more than 4 mln of users. Now the platform is available in 10 states and offers crypto specific trading services.
Baiju Bhatt, the co-CEO of the startup, shared his views and plans. He tells, that Robinhood is going to offer cryptocurrency trading in more than 16 currencies, including of course such popular options as Bitcoin, Ethereum, Ripple, Litecoin and other. The trading conditions will be better than by those trading platforms that are offering their services now, and there will be no fees.
Moreover, Robinhood is an already registered in the USA broker-dealer, and this puts the company in an advantageous position comparing to, for example, a famous Coinbase.
Though, it is not the Coinbase that is the major rival of Robinhood in the cryptocurrency market. Very soon, cryptoexchanges will have to deal with the major Wall Street players such as Goldman Sachs, for example, who started accepting the bitcoin.