Not many exchanges boast of high membership subscriptions, but this is soon changing. Robinhood has more than one million subscribers waiting in line to start enjoying the firm’s trading services. Robinhood will be offering its clients multiple cryptocurrency trading markets. According to Robinhood’s launch website, more than a million subscribers are waiting in line to start using Robinhood’s trading platform.
News of Robinhood’s cryptocurrency trading services was announced a few days ago. There is a lot of hype surrounding the Robinhood cryptocurrency exchange which explains the high anticipation from the public.
Robinhood Cryptocurrency Exchange Positioning Itself for Growth
Robinhood currently has an estimated client base consisting of three million individuals or so. Adding cryptocurrency trading will increase clients using the Robinhood cryptocurrency exchange by approximately 33%. Other than attracting new clients to its trading platform, Robinhood expects that nearly one-third of its existing clientele will start using the cryptocurrency trading platform.
While Robinhood’s growth is inevitable following the launch of cryptocurrency trading, experts and the firm alike know that this will not happen instantly. The launch of Robinhood’s cryptocurrency trading platform will not be rolled out in America or across the world at the same time. According to verified reports, Robinhood will roll out its services in specific American states this February.
Robinhood plans to start cryptocurrency trading with commission-free Bitcoin and Ethereum trading. The commission-free trading of BTC and ETH will take place in the following states;
- New Hampshire
- Missouri, Montana
Stealing Users from The Rich
Robinhood is currently offering market data on 16 different cryptocurrencies that include; ethereum, qtum, bitcoin gold, omisego, neo, Lisk, ethereum classic, zcash, monero, dash, stellar, bitcoin cash, litecoin, ripple and dogecoin
Robinhood’s launch was in 2013 with the financial backing of Google Ventures. Many analysts and experts including Andreessen Horowitz considered Robinhood to be a Silicon Valley attack on Wall Street, which proved to be non-factual. But looking at Robinhood’s market positioning, it is evident that the firm will disrupt the crypto-trading industry