Robinhood adds new cryptocurrencies

The developers of mobile stock trading app Robinhood on Wednesday announced the addition of two cryptocurrencies - Bitcoin Cash and Litecoin. These cryptocurrencies will join Bitcoin and Ethereum, which have been available on the platform since February this year.

Robinhood currently only offers cryptocurrency services in California and Texas. At the moment, the company is fulfilling licensing requirements in order to operate freely throughout the country.

Company representatives say that with the help of their service, users can track prices for other digital currencies, including XRP and Monero. The company may list some of them for sale in the future.

Unlike giants like Coinbase or Square, Robinhood  charges commissions or trading fees from its users. 

Fortune wrote in July: “Due to a shortage of market makers in the emerging cryptocurrency space, marketplaces like Square and Robinhood are forced to buy tokens on public exchanges. They resell them to investors, hoping to make a profit on the difference in prices. But this may turn out to be an unprofitable business, especially at times when high volatility contributes to the collapse of prices.

At the same time, the co-founder of Robinhood told the publication that the company is not currently focused on cryptocurrency earnings. Instead, the company sees it as an addition to its core brokerage service.