Robinhood Financial LLC announced the release of a free crypto trading application and received applications from a million users within four days.
Although the service will initially only be available in five states (California, Massachusetts, Missouri, Montana and New Hampshire), more than a million people have been added to the waiting list to gain access to the app, which will allow them to sell Bitcoin and Ethereum. If everyone becomes a user of the company, its customer base of more than 3 million users will increase by another 30 percent.
Despite the decline in price and the theft of cryptocurrency in Japan, interest in it has not disappeared, experts say. About one in three millennials would rather own Bitcoin than stocks, a survey conducted by Blockchain Capital found last fall. Robinhood said 78 percent of its users fall into this category (18 to 35 years old).
"To me, this speaks to a generation's interest in cryptocurrency, but Robinhood risks falling into the same trap as Coinbase," said Blockchain Capital co-founder Bart Stevens. "Even though the exchange generated more than $1 billion in revenue last year, the company struggled to keep up with high demand and trade was sometimes lackluster."
The Coinbase company itself did not want to confirm this information and refused to comment on the startup launching the Robinhood application.
However, Robinhood co-founder Vlad Tenev is confident that their startup can meet customer demand.
According to https://www.cnbc.com
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