Robinhood boasts of having 5 Million users on their platform, expanding up to 17 states in the US. The company started off in 2013 with a stock trading app and launched Cryptocurrency trading with a zero commission model in February this year with Bitcoin and Ethereum listed on their platform.
Robinhood is competing with Coinbase to acquire the market share in the US, the company raised $363 Million with a staggering $5.6 Billion Valuation.
Robinhood has been careful with the regulatory compliance by offering only in states like California, Texas, and a few others, trying to obtain licenses to other states. They have now listed Bitcoin Cash and Litecoin which are already listed on Coinbase. Coinbase recently listed Ethereum Classic on its platform.
The app offers users to track prices of other Cryptocurrencies like Monero, XRP and 14 other tokens leading to speculation that those tokens will also be added to their platform eventually, although it is unclear whether XRP is security or not and it can be expected that such platforms would wait until getting clearance from the SEC.
In a bull market, a news like this would have shaken up the market but as we are in a bear market and not particularly a good day today the markets may not be that excited after all.
Robinhood Tweeted:
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