Robinhood begins Cryptocurrency Trading
More than 4 million people have signed up to open accounts at Robinhood Markets Inc. since the brokerage app started which offers the cost-free trading of Bitcoin and Ethereum today for the first time.
The Palo Alto, California-based firm, which first gained stress by offering a free stock-trading app and last month it also announced that it was getting into digital assets. Trading in the two largest cryptocurrencies is available to users in California, Massachusetts, Missouri, Montana and New Hampshire. The startup aims offer the service in most U.S. states by midyear.
In April, Robinhood had signed up 2 million users, a figure it saw jump to 3 million in November and skyrocket since saying it would offer crypto trading.
Still, it is not clear that how many of these new accounts either moved from Coinbase or have accounts at both startups, but each firm is targeting a similar demographic. One of the recent surveys says that half of Bitcoin holders are between the ages of 18 and 34. Robinhood said its average customer is 30 while comparing the user bases, Coinbase which had 13 million users as of late last year.