Robinhood, the mobile brokerage app, is getting into the cryptocurrency game and will be offering commission-free crypto trading. With over 3 million registered accounts, Robinhood is a widley popular brokerage app that gained initial success by offering free stock trading and providing real time market data. Inspired by the crypto trading platform Coinbase, Robinhood will allow users to trade Bitcoin and Ethereum, as well as allowing tracking for 16 major cryptocurrencies. In its current state, Robinhood will allow for instant transfer of $1000, with additional funds coming slower over ACH transfer. This is quite good for small traders as the fast transfer time will allow users to better track and purchase low priced cryptos.
Robinhood's commission-free crypto trading is a bold move for the company, but should expand its 3 million users exponentially. Furthermore, the simplified trading and tracking offered by the app could bolster Bitcoin and Ethereum by opening the space up to more users. This may also further legitimize cryptocurrencies by combining traditional equity trading with the burgeoning currency.