Popular investing app Robinhood, which allows users to buy and sell financial products without paying fees, has recently announced it added two new cryptocurrencies to its app: Litecoin and Bitcoin Cash.
Robinhood notably began offering Bitcoin and Ethereum, the top two cryptocurrencies, back in February, and has since been attempting to expand its cryptocurrency offerings to its over 4 million users. The cryptocurrencies are offered through Robinhood Crypto, a platform launched in response to strong demand.
— Robinhood (@RobinhoodApp) July 12, 2018
Adding Litecoin and Bitcoin Cash is seen as a “safe” move, as the Securities and Exchange Commission (SEC) revealed decentralized cryptocurrencies aren’t seen as securities, while centralized ones may be.
Currently, the company offers cryptocurrencies in a limited number of states, as it’s attempting to navigate licensing requirements in the United States. In a blog post, Robinhood wrote:
We’re working hard to make Robinhood Crypto available to everyone, and it’s currently available in 17 states: AZ, CA, CO, FL, IN, MA, MI, MS, MO, MT, NJ, NM, PA, TX, UT, VA, and WI. We also plan to further expand our coin offerings and add support for coin transfers.
While the company doesn’t offer most top cryptocurrencies, it allows users to track 16, including NEO, XMR, and Ripple’s XRP. As CryptoGlobe covered, it is said to be in talks with regulators to offer its users banking services.
The company’s co-founder and co-CEO Baiju Bhatt has earlier this year said he believes Robinhood Crypto will be able to cover the whole country by the end of this year. During a wide-ranging interview, he revealed that in the industry, in general, the “majority of customers [are] paying exorbitant fees.”
In May, Robinhood raised $373 million in a series D funding round, which the company at the time touted would help it offer its commission-free cryptocurrency trading services to users throughout the US.