Robinhood Is Adding Cryptocurrency Trading
- Company is getting in on the crypto craze by launching trading
- Coinbase, Robinhood are among highest-valued fintech startups
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Robinhood Financial LLC, which makes a popular free stock-trading app, is getting into cryptocurrency. The move gives fellow financial-technology startup Coinbase Inc. a new competitor.
Digital currency trading marks the first paid product, other than trading on margin, for Robinhood, which made a name for itself by letting anyone buy and sell small amounts of stock without fees. The company said it’ll only charge for cryptocurrency transactions to recoup the costs associated with trading the assets and won’t take a commission. Robinhood plans to roll out the option gradually and hopes to have it available to customers in most U.S. states by midyear.