Robinhood’s crypto trading service is now available for residents of Michigan, as the brokerage expands coverage.
The Robinhood app, offering zero-fee crypto trading services, has now officially opened up for the state of Michigan, after offering commission-free Bitcoin and Ethereum trading to residents of California, Montana, Missouri, and Massachusetts.
Crypto trading platforms and portals saw unprecedented growth in 2017 when a Bitcoin-led rally saw the cryptocurrency market cap exceeding $800 billion.
“Now in Robinhood, for the first time, consumers will be able to invest in and trade stocks, ETFs, options and cryptocurrencies all in one place. You don’t need to have different apps, or be checking stocks on Robinhood and then logging into some exchange in Asia to trade your cryptocurrencies. It’s all consolidated.”
Another factor working in favor of Robinhood is its existing user base, which can be capitalized on to claim a larger market share.
While the app only allows the buying and selling of Bitcoin and Ether, users can track prices for 14 other cryptocurrencies, including Bitcoin Cash, Litecoin, Ripple, Ethereum Classic, Monero, OmiseGo, Lisk, Dogecoin, Stellar, Dash, Qtum, Bitcoin Gold, and Zcash.
“Today, I was given permission to purchase Bitcoin and Ethereum on Robinhood investments! I’m from Michigan so I’m sure this is for the whole State. This should push Bitcoin over 10k.”.