Robinhood continues to make its presence known in the U.S., adding yet another state to its roster of where customers can use its commission-free trading platform.
The most recent addition is Colorado.
We reported to you in February about how the company had already rolled out its commission -free trading of Bitcoin and Ethereum in five states: California, Massachusetts, Missouri, Montana, and New Hampshire.
Slow, but steady
Robinhood officials have made it clear that they want to expand their presence it the U.S., but they do not want to move too fast. In a blog post, officials stated:
We look forward to releasing crypto trading functionality in many more states later. In the meantime, all investors on Robinhood can monitor and track market data for 16 cryptocurrencies.
Robinhood made the Colorado announcement in a tweet.
https://twitter.com/RobinhoodApp/status/987367866897858560
Patience, which is a virtue, is loss upon crypto investors
While it’s logical that the relatively new startup would want to cautiously rollout its services, the strategy is not sitting well with many of the impatient people that make up the crypto community.
They took to Twitter to respond and question why Robinhood’s rollout is so slow, as well as why it wasn’t available in more popular states.
Take this tweet for example.
https://twitter.com/How2Crypto/status/988037517298544640
And here’s one about which state should be next.
https://twitter.com/xagx/status/988079903978475520
Robinhood’s offerings
Robinhood rolled out its always open, crypto trading platform as part of its efforts to expand cryptocurrency access and exposure to more people.
It’s traditionally been favored by millennials interested in trading stocks, ETFs, and options.
However, its around the clock commission-free cryptocurrency trading is thought to make it a formidable player in the crypto space.
In our February reporting, we told you about a Robinhood blog post in which it discussed its commission-free trading.
It boasted the number of its users having grown to four million. It also boasted having a transaction volume on its brokerage platform of more than $100 billion. That’s led to it saving users more than $1 billion in equity trade commissions.
It’s stated:
With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy. - Robinhood
In addition, we’ve noted that because Robinhood already had a significantly large user base, it is ideally poised to give the crypto market a fresh push and open the gates for new money to enter the space.
This article appeared first on Cryptovest
