Robinhood is quickly establishing itself as a household name. The fee-free trading application is expanding its reach across the US. Alaska and Oklahoma residents can now partake in cryptocurrency buying and selling through the mobile app. Exposing more consumers to Bitcoin and altcoins can be beneficial to this struggling industry.
Expanding Robinhood Availability
Despite a troublesome year, the interest in cryptocurrencies hasn’t waned all that much. More and more consumers see the benefits of investing in Bitcoin and altcoins. The search for convenient service providers is in full effect. Robinhood acknowledges they can make a big impact in this growing industry. Through its commission-free trading app, customers across various US states can buy and sell different cryptocurrencies.
Bringing this application to additional US states is the main priority. Most states have specific licensing requirements when it comes to providing cryptocurrency exposure. Companies such as Robinhood need to adhere to the guidelines and file the necessary paperwork accordingly. It makes for a relatively slow expansion process, yet the company is making significant strides.
According to their latest update, Robinhood is now live in Oklahoma and Alaska. This expansion brings the total number of supported states to 20. It still spans less than half of the country, but the expansion plan is far from finished. The company will continue to pursue the necessary licenses. Furthermore, new features will be added accordingly.
Remaining Competitive Through Innovation
For companies such as Robinhood, there is no time to stand still. Adding new currencies is one way of remaining ahead of the competition. Several weeks ago, the firm introduced support for Dogecoin and Ethereum Classic. Both currencies have seen a strong 2018, albeit they do not have the same traction as Bitcoin and Ethereum.
The underlying suite of trading tools will also be upgraded fairly soon. More technical analysis tools for advanced traders can attract a new clientele altogether. It is evident Robinhood is not content with being just an app to buy and sell cryptocurrencies The firm is aggressively expanding and adding new features. That is a positive sign for the cryptocurrency industry as a whole.
Getting more people excited about cryptocurrencies remains an ongoing process. The current prices make some currencies look a lot more appealing to investors. Bearish Bitcoin pressure remains in place due to the ongoing Mt. Gox debacle. Until that matter is settled, investors will remain nervous. In the meantime, companies such as Robinhood will continue to build the necessary infrastructure to facilitate industry access.
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