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Cryptocurrencies now on Robinhood trading app

Cryptocurrencies now on Robinhood trading app

Users of Robinhood, the commission-free investing app, will soon be able to invest te cryptocurrencies alongside more traditional investment offerings, the company announced Thursday.

Crypto trading will originally include only bitcoin and ethereum, with more coins suggested zometeen. Beginning te February, residents te five states will be the very first to be able buy and sell — California, Massachusetts, Missouri, Montana and Fresh Hampshire — with other states following ter sways until trading is available nationwide.

Beginning Thursday, all users can track market gegevens for 16 coins (including litecoin and ripple), read crypto news, and create price alerts on Robinhood.

“It is fairly visible that people care about [cryptocurrency],” says Baiju Bhatt, co-founder and co-CEO of Robinhood. “Wij want to be there and help form the way the industry goes with a better toneel at a better price.”

Cryptos can be even riskier than other investments because of extreme volatility and security risks associated with an asset te its relative infancy. But that hasn’t stopped a wave of investors looking to hop te.

Bitcoin has bot the word on everyone’s lips for the past few months, spil the cryptocurrency has klapper record highs. It has more than doubled since October and is now trading around $11,000, tho’ down from its high just bashful of $20,000 ter December.

Bitcoin is not fresh to Bhatt and Robinhood co-founder and co-CEO Vlad Tenev, tho’. They have bot looking at bitcoin and cryptos for a long time, even spil far back spil 2010 when they were doing their own crypto mining on individual computers.

“The thing wij’re eyeing now, overheen the past year is that crypto and bitcoin are showcasing resiliency,” says Bhatt. “So many times people have bot quick to count it out. It has gone up and gone down. Now that resiliency is something that has some real staying power.”

There’s growing request — particularly among youthfull people — to get te on the act.

A latest examine showcased that if given $Five,000, 12% of Millennials would waterput the money into cryptocurrency overheen any other type of investment, according to Erect Investing. That’s compared with just 3% of those aged 45-54 and 55-64. Guys were more interested than women te putting their money te crypto, with 14% of Millennial boys telling they would opt for that overheen any other investment, compared with 9% of women.

For a company that has pegged itself spil democratizing capitalism and making high-end financial products available to everyone, suggesting crypto is a natural getraind with Robinhood’s mission, Bhatt says.

“Crypto-currencies have the potential to switch how money around the world works from the ground up,” he says. “It is a shift from institutions back to the people and wij want to be central te creating that switch.”

And Robinhood is betting their entrance into the space will make investors more comfy at the table.

Presently, most people buy cryptocurrencies like bitcoin and ethereum at digital exchanges like Coinbase.

Robinhood will suggest effortless access to funds, says Bhatt. It will make handelsbank transfers up to $1,000 instantly available to trade crypto-currencies. Any extra funds transferred will land ter your account via the normal ACH transfer system.

“The products out there now for trading crypto feel a lotsbestemming more like Friendster,” says Bhatt, referencing an early social network before Facebook. “It isn’t clear which are going to emerge spil the best and the way people invest te crypto today will not be the way they do te the future, but wij aim to be a part of the future.”

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