Robinhood App to Expand In Wisconsin and New Mexico for Cryptocurrency Trading
The expansion is a key factor for any business to grow, especially if it is a rapidly emerging one. Therefore, Robinhood has opted to expand in at least two States in the United States, i.e., Wisconsin and New Mexico. It was only three months ago that the app was beginning to be rolled out for trading in cryptocurrency. The latest indication suggested that the residents in eight States could now be provided with access to the Robinhood Crypto app.
Palo Alto-based Robinhood Financial LLC is also offering an app for stocks brokerage. The company is now expanding its app where digital currency coin trading is supported for its clients currently. During a recent Twitter post, the company indicated that the service would be rolled out in the two States as quickly as possible. Incidentally, Wisconsin is regarded as the 20th most populous State in the United States with nearly six million residents. On the other hand, New Mexico is having a population of nearly two million and ranked 36th place in the most popular state. As a result, an additional eight million American could be allowed to access the Robinhood Crypto app.
The app is already available in six locations in the country and that the residents in the region are enjoying the trading service of cryptocurrency there. The app was launched in Colorado only last month though it launched the app initially in five other States. These were California, Massachusetts, New Hampshire, Missouri, and Montana. The move suggested that more and more people are getting attracted by the cryptocurrency market.
Aside from the already selected States for its digital currency trading, the company is also ready to offer market data on a maximum of sixteen cryptocurrencies. This included bitcoin, bitcoin cash, Ethereum, Ethereum classic, litecoin, ripple, zcash, Monero, dogecoin, Lisk, neo, omisego, dash, stellar, qtum and bitcoin gold. The app is a much-hyped one with no-fee stock brokerage and that it is user-friendly with UI. The app has also won an Apple Design Award simply because of its eye-catching design.
The company disclosed that it would also work on Robinhood Feed. That would allow a discussion on cryptocurrencies, real-time market swings and news with other investors. The team has assured its clients most recently that they were on the job of adding more States. However, this needed regulatory processes, which they are doing it now.
Cheap and Mobile
Robinhood’s app is getting more attraction because of cheap, intuitive and mobile. The app is reportedly enjoying a user base of about four million amongst its stock brokerage, as well as, cryptocurrency platforms put together. However, the app is still way behind Coinbase that has a user base of more than ten million at the end of March.
The company was reportedly worth over $5.6 billion in March following an investor group’s intention to inject $350 million. The app is gaining ground because of increasing culture of accessing tools and systems that were difficult to get previously. It’s timing also appears to be going smoothly as the cryptocurrency market is getting a wider adoption rate.