Commission-free investing app Robinhood today expanded its cryptocurrency service to another American state, this time bringing the derivative product for its clients in Utah.
Robinhood’s offering is particularly popular among the “Millennial” population, who appreciate the ease of using the app to trade several asset classes without fees.
Just this month, Robinhood became available in two cryptocurrency-friendly states: New Mexico and Wisconsin.
Robinhood Crypto got off to a good start in late February for residents in five states - California, Massachusetts, Missouri, Montana, and New Hampshire.
Robinhood seeks to carve out its niche by letting traders buy and sell cryptocurrency for $0 a trade.
For now, Robinhood can keep its free platform afloat through compromises such as not having many physical locations, maintaining only a small staff for client service, and not spending on massive promotional campaigns.
Last week, Robinhood raised its latest round of funding, bringing in $363 million at a $5.6 billion valuation.