Exactly three months after Robinhood announced to us that it was going to start trading cryptocurrencies in some states in the United States, it has already begun expansion into two more states. In February of this year Robinhood, Vladamir Tenev announced that the platform he co-developed was going to start rolling out free cryptocurrency exchange services to Missouri, California, Massachusetts and other states. Evidently, that decision has been a massive success so far which is why they plan on making the total number of states who will be receiving their cryptocurrency services to eight. Robinhood posts a huge figure of about eight million American users.
The two extra states who will be receiving this service are Wisconsin and New Mexico. Both states certainly have something unique about them for Robinhood to select them from among the lot.
New Mexico is America’s 36th most populated state with some two million people living in there. Then there is Wisconsin, with a population of six million, ranking among the top twenty most populated states in the United States of America. This is a strategic move to increase its customer base by a potential 8 million people – if everyone in both states is bullish on cryptocurrencies. Robinhood is bent on taking over the entire United States’ cryptocurrency space and is taking very good steps to seeing the achievement of this. The founders of the platform believe that cryptocurrencies make finances more decentralised than ever, taking power from the few at the top and giving it to everyone. In an interview with TechCrunch earlier this year, co-founder Tenev stated that
“it (cryptocurrency) puts power that’s historically been held by financial institutions in the hands of the people. I think that lines up directly with Robinhood’s mission to democratize the financial system. We’re an established company and we can handle it”
Developers of the app have also ensured users that they are working on a couple of regulatory works. That said, Robinhood isn’t stopping any time with just these eight states and it promises to extend the service to more states after some time. Presently the only coins available for either trading or tracking are the popular Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple and others like zCash, Monero, Omisego, Lisk, Dogecoin, Stellar, Dash, Qtum, Bitcoin gold, Neo, and Ethereum Classic which was forked just a couple of months ago.
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