Robinhood Trading App Adds Litecoin, Bitcoin Cash to Its Crypto Offerings
Popular trading app Robinhood has expanded its cryptocurrency offerings to include Litecoin and bitcoin cash, giving traders no-fee access to some of the world’s leading digital assets.
Robinhood Crypto Expands Offerings
In addition to bitcoin and Ethereum, Robinhood users will now be able to access alternative coins such as Litecoin and bitcoin cash through their mobile phones. Combined, the four coins have more thn $165 billion in market value.
“Since we launched Robinhood Crypto in February, our customers have voiced interest in buying and selling other cryptocurrencies beyond Bitcoin and Ethereum,” the company said in a blog post Thursday. The app’s growth has been helped by “significant momentum generated over the last several months with the introduction of Options and Crypto.”
Robinhood claims to have over five million users across 17 states. The initial roll out of Robinhood Crypto began in February in five states.
Challenging Times for Crypto Exchanges
Robinhood’s expansion is occurring on the heels of a protracted bear market for cryptocurrencies, with bitcoin and other major coins down roughly 70% from peak levels. Diminishing market values has diverted business away from major digital currency exchanges, which have reported a sharp decline in trading volumes over the past six months.
Since May, global trade volumes have dipped below $10 billion on several occasions, a sign that traders were staying on the sidelines or losing interest in crypto all together. On Thursday, total trade volumes amounted to $11.4 billion, according to CoinMarketCap.
The retail downtrend has forced popular exchanges like Coinbase to expand their custodial services in hopes of attracting institutional capital. As CCN reported Thursday, the Coinbase app has declined in popularity amid the downturn.
Robinhood’s advantage lies in the fact that its trading app provides exposure not just to cryptocurrencies, but the broader financial markets.
That being said, the company appears poised to expand its crypto offerings much more quickly than some of its competitors. Hacked reported last month that Robinhood was recruiting for a “crypto engineer” who can support “wallet functionality” as well as new digital currencies.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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