Robinhood is a self-proclaimed fastest growing online brokerage, and immensely popular amongst the millenials. With the new announcement that it will start offering zero commission for crypto trading starting this February.
Millenials are loving it, and most of its users are with the median age of 26. Striding down the crypto lane, this generation is already eyeing Bitcoins and others, and zero commission only makes it more alluring.
Starting February, trading on Robinhood will be completely free, which is an opposite stance of crypto exchanges like Coinbase. Other exchanges has collected millions last year largely from its extortionate fees and commission from its customers.
Robinhood users can set alert can setup alerts for Bitcoin, Ethereum, XRP, Litecoin, and 12 other altcoins. The co-founder Vlad Tenev said,
“We’re planning to operate this business on a break-even basis and we don’t plan to profit from it for the foreseeable future. The value of Robinhood Crypto is in growing our customer base and better serving our existing customers”
The services will be made available in states where it has received regulatory approval, and there will be no minimum purchase. The co-founder and chief executive office, Baiju Bhatt, mentioned,
“Bitcoin has a resiliency to it. This is something that we also feel like really fundamentally aligns with the mission of the company – to make the financial system more accessible to the rest of us.”
Partners in Deed
He also said that the company will partner up with larger institutions to acquire virtual currencies but currently, they want to keep it under covers. With the purchasing power of $1.3 billion the company has will enable them to acquire cryptos as discounted rate. Trading fees will likely to be incorporated into this and not pass onto the customers.
In a country, with limited financial freedom and heavy tax regulations, this move is just too brave.