Stock Trading App Robinhood Launches Zero-Fee Cryptocurrency Trading In 5 U.S. States

  • Popularstock trading app Robinhood launched bitcoin and ethereum trading, without any fees.
  • The company also announced a social media-like platform dubbed Robinhood Feed.
  • This puts Robinhood in direct competition with industry giant Coinbase and Square's Cash app.

Popular mobile stock trading app Robinhood has formally launched its new Robinhood Crypto service, that now allows customers in five U.S. states to buy bitcoin and ethereum without paying any fees.

According to an announcement, residents of California, New Hampshire, Massachusetts, Missouri and Montana can now trade the top two cryptocurrencies using the app. Those who aren’t yet able to trade will be able to track those and 14 other cryptocurrencies, including Ripple, Litecoin, Bitcoin Cash, Ethereum Classic, Monero, NEO, and Dogecoin.

Robinhood’s has promoted the service with zero fee trading and is targeting millennials with their ‘Don’t Sleep’ advertisement. Robinhood announced its plans  and hopes to bring cryptocurrencies to a whole new audience. Robinhood’s users are investors who trade traditional products such as exchange-traded funds (ETFs) and stocks.

Merely four days after announcing Robinhood Crypto, the platform saw over 1 million people register to use it. This helped Robinhood reach 4 million users, up from the 3 million it had in November. Its users have already transacted over $100 billion, and saved $1 billion in commission fees.

By offering zero commission trading, the app makes stocks, ETFs, and now cryptocurrencies more accessible. The announcement reads:

“Over the past few weeks, we’ve been overwhelmed by the enthusiasm towards Robinhood Crypto and are excited to contribute to the cryptocurrency community in a meaningful way. (…) With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.”

Robinhood Crypto

Along with Robinhood Crypto, the company also announced the launch of a new social media-like platform dubbed Robinhood Feed. This new platform allows investors to discuss different cryptocurrencies, cryptocurrency-related news, and what’s going on in the markets in real-time. Robinhood Feed, according to the company’s announcement, is only available to a limited number of users for now.

The move makes Robinhood one of the major financial apps allowing users to easily buy and sell cryptocurrencies, as it is now competing with industry giant Coinbase, which reached over $1 billion in revenue last year, and with Square’s Cash app, which also recently launched commission-free bitcoin trading to US customers.

Runescape Hakcers Use Glitch to Make Trillions in Game and Use Profits to Buy Bitcoin

Michael LaVere
  • Runescape hackers were able to exploit a double-spend glitch to generate trillions in in-game currency and use the profits to buy bitcoin.
  • Community members have suggested publisher Jagex consider adopting bitcoin or another crypto-asset to resist double-spend attacks.

Runescape hackers were able to exploit a double-spend glitch to generate trillions in in-game currency and use some of the profits to buy bitcoin. 

According to a video published by popular YouTuber SirPugger, the exploit began in November 2019 with the hackers crashing the Old School Runescape’s economy via the creation and use of thousands of new accounts. Runescape’s servers responded to the account overload by rolling back to the last login point. 

Hackers were able to exploit the roll-back by trading gold between two accounts while only logging out of the account which received the gold. According to the video, the rollback would result in both accounts holding the gold, resulting in a double-spend attack. 

While Jagex, the publisher of Runescape, patched the exploit for Old School Runescape, the hackers were able to employ a similar double-spend attack on Runescape 3. 

The video claims the hackers were able to continue the exploit for several days before Jagex was finally able to fix the rollback mechanic, racking up trillions in double-spend game currency in the interim. 

SirPugger said, 

I can tell you we’re talking about multiple trillions of Runescape 3 dupe, which translates to over $250,000.

The hackers attempted to offload their in-game currency through multiple avenues, including gambling and exchanging for bitcoin. 

Some community members have proposed Jagex consider adopting bitcoin or other crypto-assets for their in-game currency and leveraging the blockchain technology to provide resistance against double-spend attacks. 

Featured Image Credit: Photo via Pixabay.com