The stock trading app Robinhood has expanded its crypto offerings, adding two new crypto assets to its trading app. The U.S.-based mobile investing app has announced it will add litecoin and bitcoin cash, in the wake of growing customer demand for a broader choice of crypto assets.
Robinhood, a no-fee, U.S.-based trading platform for cryptocurrency and stocks, has been steadily increasing its crypto offerings to traders. In February this year, the investing app introduced bitcoin and ethereum to its trading, the top two cryptocurrencies by market capitalization.
Due to pressure by investors to trade in other currencies, Robinhood now enables traders to invest in bitcoin cash and litecoin, the fourth and sixth leading cryptocurrencies by market capitalization respectively.
In a statement, the trading platform said:
“Since we launched Robinhood Crypto in February, our customers have voiced interest in buying and selling other cryptocurrencies beyond bitcoin and Ethereum.”
A volatile crypto market
Experts believe that mining bitcoin cash is said to be more viable compared to bitcoin, which is too expensive. Despite being more viable, the value of bitcoin cash has dropped more than 72% since the beginning of 2018 and litecoin is down 64% for the same period.
However, earlier this week, the value of litecoin picked up following the announcement that the Litecoin Foundation has partnered with the payments platform TokenPay. The partnership will see Litecoin receive a 99.9% stake in WEG Bank in Germany, and TokenPay’s cryptocurrency and business operations will be aided by Litecoin.
Despite an unpredictable cryptocurrency market, Robinhood has surpassed the five million users mark across its entire platform, growth which the company pins on “significant momentum generated over the last several months with the introduction of Options and Crypto.”
A 17-statewide crypto-investing platform
Currently, investors using the Robinhood platform can buy and sell the four crypto coins in 17 states, including New Jersey, California, Massachusetts and Florida.
As well as adding new crypto assets to its trading app, Robinhood plans to make it possible to trade the crypto coins in more states in the future, suggesting the cryptocurrency market is not as sluggish as many make out.
Gabrielle Pickard-Whitehead is a freelance journalist and copywriter based in the Peak District, UK. Since 2006, Gabrielle has followed her passion for writing and has sculptured a rewarding career out of her love for the written word. Gabrielle thrives on creating compelling content related to current affairs, politics, financial news and the latest advancements in technology and innovation. Gabrielle is excited about having the chance to write about the constantly-evolving world of crytocurrency and enabling people to learn more about this rapidly-advancing digital asset.