Robinhood Trading App Adds Two New Cryptocurrencies in spite of Bear MarketJuly 14, 2018
Despite if the bear market, the Robinhood Trading app adds new cryptocurrencies to its exchange platform. The said move will add bitcoin and Litecoin to its trading app. The company also let its user trade Ethereum and bitcoin. During the start of the year, Litecoin has experienced fluctuation by more than 72%.
According to the Robinhood company, it topped 5 million users around the entire platform. The company also helped its users by providing momentum with the integration of Crypto and Options. In spite of the sluggish market today, the company still decided to add two new digital currencies to its platform.
On a blog post by the company issued last Thursday, Robinhood said that its customers should show their interest in selling and buying other cryptocurrencies beyond Ethereum and Bitcoin. The company also added that it had reached millions of users all over the platform. After the existence of the crypto trading last February, two months after bitcoin reached nearly $20,000. Bitcoin has fallen to more than 50% this year and around $6, 180 as of this week.
One of the recent addition to the platform is the Litecoin. Litecoin was down by more than 64% since January, and the trading hit $77 last Thursday. According to CoinDesk, bitcoin cash, one of the digital currencies on the platform has dropped by more than 72% during the same time frame. It was also seen that the trading of the cryptocurrency to reach $682 this year.
With regards to the market capitalization of the digital currency market, it has fallen to 60% this year, according to the data shown by the CoinMarketCap.com. Most of the well-known cryptocurrency platforms have seen future issues with the trading of more cryptocurrencies. There were also rumors about some crypto exchanges who are planning to add XRP to their platform. With the recent move taken by the Robinhood Trading app, it is also expected to observe some platform to do the same.
With the new crypto service launched by the company, users can buy Ethereum and bitcoin without paying any fees. The Robinhood has promoted the service with its zero fee trading. The company also plans to bring its crypto services into a whole new procedure and audience. The recent launch and move done by the company are in line with its goal of competing with other giant industry such as Coinbase.