Robinhood is a stock broker agent that allows customers to buy and sell U.S. listed stocks and ETFs with $0 commission by means of a contented accessibility to financial markets. The SEC registered broker-dealer and an associate of FINRA & SIPC after an April 2019 fundraising, had crossed approx $1.3 billion valuations. Further, The Wall Street Journal reported in 2019 that the organization had closed another round of financing that valued the agency at $5.6 billion.
Robinhood has been in news continuously since its execution because remarkable growth also, the leverages which the exchange is rendering in to the investors of all verticals. The firm began by Vladimir Tenev and Baiju Bhatt who had beforehand built high-frequency trading platforms for banking institutions in New york. Tenev and Bhatt recognized that high-frequency traders and electronic trading firms pay effectively nothing to execute trades. This inspired Tenev and Bhatt to bring existing technology in the retail brokerage market with Robinhood, a commission-free stock brokerage. By early 2019 , Robinhood had 3 million user accounts as being the online broker. This rising company will not charge commissions which makes easier than ever with the average investor to switch a profit trading to the brokerage.
Since, June 2019 , the company was working to obtain a US banking license and endeavoring to change the tool for stock brokering culture in the states by opening the cryptocurrency trading accounts because of their constructive efforts. The business has finally started to make good in this particular leak of potentiality, albeit relatively slowly by releasing cryptocurrency buying and selling four states before expanding to Iowa and Nj-new jersey on July 31 and July 9 correspondingly.
Recently, Robinhood jumped on Georgia and launched a crypto trading platform on your residents within the state. That signifies now people of Georgia can open accounts and merely trade cryptocurrency including Litecoin, Dogecoin, Ethereum, Bitcoin, and Bitcoin Cash however with some caveats learning to be a curator.
Presently, the services open to certain residents throughout the state of Georgia and users cannot send or receive coins considering the app, but sometimes buy, hold, or sell the currencies. Also, users won’t have the the means to access their private keys and the wallet interface is yet to enhance. This move is generally anticipated as a positive step for ones company’s coming progression, plus an indicative of breath-taking opportunities in your coming future.
However, Robinhood has indicated its approaches to add transfers “in the long run.” via a blog post 2 Aug 2019 .
With this rapid growth, Robinhood follows Coinbase after having a tremendous member and support in the customer which seems the organization is in a mission and undertake the exercise to inspire a completely new generation of investors.
Robinhood’s blog states:
“With the production of Robinhood Crypto, we’re continuing our mission of fabricating the overall economy work for everyone, not simply the wealthy.”
Will Robinhood overtake Coinbase in cryptocurrency trading (Ethereum and Bitcoin) is yet seen but With over 4 million users, Robinhood having a instrumental approach empowers the to rise higher than the competitors of crypto exchange platforms if everything goes based on the constant manoeuvre.