Young Americans are signing up in droves to a new cryptocurrency trading service, showing the massive unmet demand in the market for more bitcoin trading venues. Cryptocurrencies are coming soon to the Robinhood platform and traders appear to be following them in anticipation.
Robinhood Hits the Bullseye
Over a million people are already waiting in line to get early access to bitcoin and cryptocurrencies trading service by Robinhood Markets, according to its launch website. The Palo Alto-headquartered US stocks brokerage app has just announced the upcoming service a few days ago.
To put things in perspective, Robinhood has an estimated user base of only about 3 million people, which means it could grow by as much as 33% by adding cryptocurrency trading or that a third of its clientele will switch to bitcoin. Of course this will not happen immediately as the company will only start rolling out the service in February to a limited number of American states.
The service will initially begin with commission-free BTC and ETH trading in California, Massachusetts, Missouri, Montana, and New Hampshire. It already offers market data on 16 cryptocurrencies in the form of bitcoin, ethereum, bitcoin cash, litecoin, ripple, ethereum classic, zcash, monero, dash, stellar, qtum, bitcoin gold, omisego, neo, lisk and dogecoin.
Stealing Users from the Rich
When it was launched in 2013 with financial backing from Read More Here