Robinhood plans to extend its services to crypto trading. The platform is already quite popular with younger audience, the median user age is somewhere around 26 and total user base already exceeds 3 million people. The move may be ambitious, but it's logical, considering the target audience.
The Robinhood Crypto will operate on break-even basis, with developers not planning to profit from it for the foreseeable future. In perspective it will allow the project to rake up the audience and even lure the people away from other exchanges, who take unjustified fees. Also, there will be no minimum purchase amount, which will also increase the popularity.
Vlad Tenev and Baiju Bhatt, co-founders of Robinhood, also said, that the company will obtain large amounts of cryptocurrencies for trading through partnership with several larger institutions and that the purchase fees will be incorporated into large-volume discounted contracts and not passed down to the users.
The Robinhood Crypto will start up in February in the US, where they acquired the regulatory approval to start trading operations. Already the users can set up alerts for Bitcoin, Ethereum, Litecoin, XRP, NEO and 11 other altcoins to monitor prices.