Investing App Robinhood Adds Litecoin, Bitcoin Cash to Crypto Offerings

  • Popular investing app Robinhood has announced it added Litecoin and Bitcoin Cash to its platform.
  • The app currently offers commission-free cryptocurrency trading to 17 states in the US, and plans on expanding to the whole country.

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.

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.

Robinhood

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.

Ethereum Was Behind 85% of Dapps' $12 Billion Volume in Q2 2020

The total transaction volumes of decentralized applications (dapps) in the cryptocurrency space hit $12 billion in the second quarter of this year, rising by $4.5 billion compared to the first quarter. Etheruem dapps accounted for 85% of the volume.

According to DappRadar’s Industry Review report, there are more than 70,000 active wallets across 13 different blockchains interacting with the cryptocurrency space. The top blockchains were EOS, TRON, and Ethereum, with the latter representing $10.2 billion of the $12 billion volume seen in Q2.

Ethereum’s large transaction volume was partly fuelled by Compound and the launch of the COMP token, which led to a “yield farming” trend, in which users were interacting with the protocol as much as possible to receive COMP tokens. Compound saw $1.2 billion move through it.

The yield farming trend saw Ethereum gas prices and transaction fees increase, which according to the report did not stop Ethereum dapps from thriving in general. It did, however, contribute to an 80% drop quarter-on-quarter for ETH gaming dapps, as high gas prices are “killing” their activities on the cryptocurrency’s network.

Despite Ethereum’s growth, EOS and TRON (TRX) dapps have also seen their activity increase in the second quarter of the year. According to the report in only three months, TRON’s transaction volumes on decentralized applications surged by over 17,200%.

The rise was largely attributed to Oikos.cash, a TRON-based version of the Compound lending protocol.  While TRON’s DeFi growth has been notably, DappRadar pointed out that most dapps on its blockchain are still in the “gambling” and “high risk” categories.

The EOS blockchain has still been enduring the effects of the EIDOS token airdrop, which put the network into “congestion mode.” The airdrop clogged the network and as a result, from 2019 to 2020 wallet activity on decentralized applications dropped 53%.

So far this year, $1.9 billion have been transacted on decentralized applications using the EOS blockchain, thanks to two dapps: Crypto Dynasty and Upland. DappRadar’s report also shows that two other blockchains are growing thanks to gambling dapps: WAX and ThunderCore.

Featured image via Pixabay.