Robinhood could be poised for even greater heights; while the company got its start as a stock trading app, it turned heads and built even more momentum when it began to initiate cryptocurrency trading through its platform.
Robinhood has continued to expand its platform in various ways since the last round of funding.
According to co-founder and co-CEO Baiju Bhatt, the company is expanding as quickly as possible based on licensing required to operate in new states, and Robinhood expects to offer cryptocurrency trading to users all across the country by the end of the year.
At this point, Robinhood still only offers trading in BTC and ETH. With altcoins on the rise, there is increasing demand for all digital currency platforms to expand their offerings; for its part, Coinbase only offers a few other digital currencies besides the two most popular that it shares in common with Robinhood for the time being.
While Robinhood users in those select states can currently only trade in BTC and ETH they are able to track market data for 16 different digital currencies ranging from ripple to Zcash.
If Robinhood is able to surpass Coinbase in terms of trading volume or number of users, that may not be enough to guarantee it a top spot in the world of cryptocurrency exchanges.
Sequoia Capital partner Andrew Reed suggested that “Robinhood’s produce cadence has been very impressive,” adding that his team “Invested because we think that Robinhood has the potential to bring its low-cost and user-first approach to revolutionize large portions of financial services.” Robinhood also believes that it has a leg up on rivals because of its experience negotiating with regulators for its original stock trading platform; Robinhood is a registered broker-dealer with the SEC, while Coinbase is not.