Robinhood, the much-hyped, no-fee stock brokerage, and trading app, has reportedly expanded its crypto trading platform to two new states: New Mexico and Wisconsin. Users in a total of eight states can now trade cryptocurrency on the app.
Given the populations of the two states, their addition means that approximately 8 million Americans will now have the ability to trade crypto on Robinhood for the first time. In April, Robinhood added Colorado to its roster; upon its launch in February, the crypto trading platform was open to California, Massachusetts, Missouri, Montana, and New Hampshire.
Robinhood Crypto is bringing you a new kind of cheddar! Commission-free Bitcoin and Ethereum trading is now rolled out and available to investors in Wisconsin. pic.twitter.com/6llxdYDEwG
— Robinhood (@RobinhoodApp) May 3, 2018
Robinhood is Valued Around $5.6 Billion
On Friday, the team behind the app publicly announced that they were “working through regulatory processes to bring Robinhood Crypto trading to more states.”
We’re working through regulatory processes to bring Robinhood Crypto trading to more states. Check @RobinhoodApp for updates, or learn more here: https://t.co/XUwMuHirH3 pic.twitter.com/UjzYtDE4Qm
— Robinhood Support (@AskRobinhood) May 4, 2018
Robinhood currently offers the trading of Bitcoin and Ethereum and provides market data on a total of sixteen cryptocurrencies. Bitcoin.com reported that the company is also working on the development of ‘Robinhood Feed’, a discussion platform for investors using the app.
Robinhood has been the subject of much hype and conversation since its launch earlier this year. CNBC reported in March that the company was worth more than $5.6 billion after a group of investors led by Russian firm DST Global were working on injecting $350 million into the company.
”Cheap, Intuitive, and Mobile”
The company originally launched its fee-free stock trading app roughly three years ago and has become particularly popular with millennials. The app is renowned for having a user-friendly UI, something relatively new to the world of investing. Robinhood even went so far as to win an Apple Design Award because of its easy-to-use, eye-catching design.
As Business Insider reported, Robinhood has managed to make trading “cheap, intuitive, and mobile.” Currently, the app boasts around 4 million users between its stock brokerage and cryptocurrency platforms combined. The app is still well behind Coinbase, which was reported to have 10 million users in the month of March.