The Robinhood app has spread rapidly throughout the United States launching on October 2 in Rhode Island, October 5 in Arkansas and Tennessee and on October 11 in Ohio.
This is a free stock and crypto trading app that allows users to trading multiple cryptocurrencies such as bitcoin, bitcoin cash, ethereum, ethereum classic, dogecoin and litecoin without having to pay any commission fees.
The US market is a very important market for crypto companies and Robinhood is wasting no time in expanding its presence throughout America. Apart from the states mentioned above, the app is currently available to users in California, Pennsylvania, Arizona, Mississippi, New Jersey, Colorado, Wisconsin, Massachusetts, Florida, Virginia, New Mexico, Indiana, Georgia, Utah, Iowa, Missouri, Texas, Montana and Michigan.
Robinhood claims that its crypto trading app is the only app to have been from the ground zero in the last decade. Some of the benefits of using this crypto trading app include trading with multiple cryptocurrencies, excellent customer support, minimum transaction fees and trust as the app has been certified by some of the top industry bodies.
Robinhood
Proprietary Clearing System
Robinhood initially used to depend on a third party vendor to help facilitate its transactions. The company made the decision to develop its own proprietary clearing system to service its 6 million customers from around the world. The company put in a lot of human and financial resources to develop Robinhood and went on to gain licenses from Office of the Comptroller of the Currency (OCC), Depository Trust & Clearing Corporation (DTCC) and Financial Industry Regulatory Authority (FINRA).
The company is valued at $5.6 billion and will leverage its innovative proprietary clearing system to launch new financial products into the market. Robinhood had reached out to financial regulators earlier this year to gain approval to acquire a national banking charter as it would help its lending business.
In a statement, the company’s website says
Robinhood Financial makes money from its margin trading service, Robinhood Gold, which starts at $6 a month. Additionally, Robinhood earns revenue by collecting interest on the cash and stocks in customer accounts, much like a bank collects interest on cash deposits