Robinhood Responds to Investor Demand for Bitcoin Cash and Litecoin
US-based stock and crypto trading app Robinhood has added support for LTC and BCH amid growing interest in the altcoins.
US-based stock and crypto trading app Robinhood announced on Thursday it has added support for Bitcoin Cash (BCH) and Litecoin (LTC) in response to growing investor interest in the altcoins.
The additions come after Robinhood began offering commission-free trading of Bitcoin (BTC) and Ethereum (ETH) earlier this year.
“Since we launched Robinhood Crypto in February, our customers have voiced interest in buying and selling other cryptocurrencies beyond Bitcoin and Ethereum,” Robinhood said in a blog post, adding that it plans to further expand its coin offerings.
Bitcoin Cash currently ranks as the fourth-largest digital currency, with a market capitalization of $11.7 billion, according to Coins.Online data.
Since the start of the year, BCH and LTC have lost 72% and 64% of their value, respectively. The decline reflects the downward trend of the entire crypto market, whose capitalization has fallen 60 percent since January, following the peak times of December 2017.
Coin transfers also in sight as customer base grows
Robinhood, which achieved a $5.6 billion valuation in May at the conclusion of its $363 million Series D funding round, also announced that it plans to add support for coin transfers. The news is likely a confirmation of recent rumors that the company is building an in-app cryptocurrency wallet. At present, users can buy and sell cryptocurrencies on the platform but cannot deposit, withdraw or transfer them.
The firm further revealed in its Thursday blog post that it has topped five million users across the entire Robinhood platform — a two million person increase from December 2017. The customer base increase has reportedly been driven by “significant momentum generated over the last several months with the introduction of Options and Crypto.”