Robinhood enters the crypto space. Its entry is believed to have a huge impact on Coinbase, which is currently the leading Bitcoin trading platform. I feel this is a smart move by Robinhood, which has brought stock trading to our fingertips and is famous for its $0 commission stock brokerage. Starting February, Robinhood would allow you to buy and sell Bitcoin and Ethereum without any commission. This comes a huge relief for crypto-investors, who were uncomfortable paying 1.5 %to 4% of the transaction fee to Coinbase in USA.
Robinhood co-founder Vlad Tenev is quoted saying: “We’re planning to operate this business on a break-even basis and we don’t plan to profit from it for the foreseeable future”.
By doing so Robinhood plans to expand beyond its current 3 million user base.
He is also quoted saying, “We’re extremely selective about the cryptos we’re making available on the platform. We’re introducing those first because these are the most mature coins that people are trading these days. Multiple times people have declared them dead and they’ve come back stronger than ever.”
Let’s wait to see if this move by Robinhood ends up being a superhit or a failure. However, one thing is for sure, Its sure going to drive the price of Bitcoin to a significant level.