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Robinhood to create a new crypto trading platform

Two sources confirm that Robinhood, a prosperous trading company owning a eponymous mobile application, is planning to create a dedicated cryptocurrency platform. This has been mentioned in a Thursday statement in the blog which discloses a budget of the endeavor - $363M, and in the interview by the corporate co-CEO also made yesterday.

Robinhood has always been positive about cryptocurrency: it has repeated the popular narrative about the upgrade of the world financial system and bringing the financial authority back to the people when it has launched an option to trade Bitcoin and Ethereum and price tracking for several other digital currencies.

03-05-2018 21:00:00  |   Investments

Interestingly, economist Spencer Bogart hinted at the intentions of Robinhood to continue working in this field six days before the announcement and the interview of Baiju Bhatt, one of the company leaders.

The obvious competitor of Robinhood is Coinbase. This enterprise, also based in America, has made some major strides towards engagement with legal entities and has chosen to cooperate with the authorities. It also possesses a big cryptocurrency exchange so popular that some U.S. TV channels had demonstrated a video instruction on how to open a new account on it.

Image courtesy of Samouel / DeviantArt

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