The Robinhood app, offering zero-fee crypto trading services, has now officially opened up for the state of Michigan, after offering commission-free Bitcoin and Ethereum trading to residents of California, Montana, Missouri, and Massachusetts.
Crypto trading platforms and portals saw unprecedented growth in 2017 when a Bitcoin-led rally saw the cryptocurrency market cap exceeding $800 billion. However, the biggest gainer in the States was reportedly Coinbase, which has been a popular choice due to lack of competition, particularly when it comes to fiat-crypto gateways.
January this year, popular online brokerage service Robinhood entered the crypto space with an announcement, offering its users a slice of this volatile pie, starting February:
“Now in Robinhood, for the first time, consumers will be able to invest in and trade stocks, ETFs, options and cryptocurrencies all in one place. You don’t need to have different apps, or be checking stocks on Robinhood and then logging into some exchange in Asia to trade your cryptocurrencies. It’s all consolidated.”
Robinhood’s zero-fee model is particularly attractive for crypto traders and investors since Coinbase charges a pretty penny for buying and selling cryptocurrencies. Another factor working in favor of Robinhood is its existing user base, which can be capitalized on to claim a larger market share.
While the app only allows the buying and selling of Bitcoin and Ether, users can track prices for 14 other cryptocurrencies, including Bitcoin Cash, Litecoin, Ripple, Ethereum Classic, Monero, OmiseGo, Lisk, Dogecoin, Stellar, Dash, Qtum, Bitcoin Gold, and Zcash.
The app’s move into Michigan was officially announced on Twitter:
https://twitter.com/RobinhoodApp/status/994260615685275650
A user on Reddit also confirmed the development:
“Today, I was given permission to purchase Bitcoin and Ethereum on Robinhood investments! I’m from Michigan so I’m sure this is for the whole State. This should push Bitcoin over 10k.”
This article appeared first on Cryptovest
