The commission-free stock trading platform, Robinhood recently announced that residents of Georgia can now invest in cryptocurrency using the Robinhood app. With this announcement, Georgia users will now be able to trade Bitcoin Cash, Bitcoin, Litecoin, Ethereum, and Dogecoin. They will be able to trade coins in their Robinhood app without changing any settings.
The exchange which emerged as a simple, no-fee way for retail customers investing in the stock market, is now eyeing to roll out crypto trading to various other states as well. The roll-out is relatively slow as the exchange wanted to gauge investor interest in the platform. Things seem to be going as planned for the exchange, as the app has been adding more states at a faster rate.
In order to get clearance for residents to trade in digital coins, Robinhood will have to work with regulations on a state-by-state basis. Presently, trading is available in over 18 states according to the exchange’s support page.
The exchange platform presently acts more as a custodian of cryptocurrencies. A wallet interface is not yet built in and the users do not have access to their private keys. This indicates that users won’t be able to receive or send coins via the app. As of now, users can buy, sell, or hold the currencies. The exchange has however mentioned that it intends to add transfers in the near future.
Future Plans Of Robinhood
Initially, the exchange started cryptocurrency trading with only four states, as reported in CCN. Recently, trading opened in a couple of other states including Iowa and New Jersey. A recent update from the exchange’s blog mentions that with the release of Robinhood Crypto, the exchange plans to continue its mission of making the financial system work for everyone alike.
The exchange with over 4 million users is poised to become one of the largest crypto exchange platforms. It may even topple Coinbase to become the most popular trading platform for Americans.
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