Additionally, users can read crypto news, create price alerts for 16 cryptocurrencies, and monitor market data. Robinhood Crypto is currently available in 17 states in the US, but it has plans to expand in the future.
- Robinhood only launched its crypto service in February 2018. Robinhood Crypto is still a fairly new offering, and adding two new cryptocurrencies suggests demand for the initial two must be high. Customers are likely attracted by the ability to manage their crypto investments next to other stocks and investment offerings, which makes the whole process more convenient.
- However, the crypto market has been in decline. While one Bitcoin was worth almost $20,000 at the end of 2017, its value has since fallen around 65%, according to CNBC. Similarly, Litecoin’s value has fallen 64% since January, and Bitcoin Cash saw a decline of over 72%. This volatility is could be making some investors wary about the space, especially as the novelty wears off.
Despite the risk, Robinhood’s crypto service appears poised for success.While the crypto market’s high volatility has likely scared off some investors, it doesn’t seem to be bothering Robinhood or its customers. The platform now boasts 5 million customers, and reports that many have voiced interest in trading more cryptocurrencies.
Catering to this demand will probably boost customer satisfaction with the platform, and we will likely see many more people using Robinhood for crypto trades in the future.