Robinhood Adds Litecoin and Bitcoin Cash Trading

Mobile stock trading app Robinhood turned heads in the cryptocurrency space months ago when it launched a digital currency trading service through its mobile platform. Now, Robinhood has announced that two new digital currencies will join its list of those on offer. Litecoin and bitcoin cash, each among the top ten cryptocurrencies in the world by market cap, will now be offered alongside bitcoin and ethereum.

No-Fee Trades in Four Currencies

With the announcement, made late last week and reported on by CoinDesk, Robinhood now offers four digital currencies through its no-fee trading platform, Robinhood Crypto. The company made the decision to add litecoin and bitcoin cash following strong demand from customers for alternative options beyond ethereum and bitcoin.

Given that Robinhood now claims more than 5 million users on the Robinhood Crypto platform and across 17 U.S. states, it's no surprise that the company is interested in catering to the investment needs of this base.

$363 Million in Series D Funding

The report of the enhanced Robinhood Crypto platform follows just weeks after a report in May that indicated Robinhood raised $363 million in a Series D funding round. At the time, the company stated that this funding would allow it to offer a broader selection of cryptocurrency trading pairs in the U.S. At that time, Robinhood Crypto was available in 10 states. Now, other locations including Texas, New Jersey, Indiana, Arizona, and Pennsylvania have joined that list.

Robinhood initially launched its cryptocurrency trading branch in February of this year with bitcoin and ethereum trading pairs across five states. In just five months, the company has dramatically increased its offerings in this area, with more than three times as many states enjoying the service at this point. Robinhood Crypto aims to offer service to the entire U.S. by the end of 2018, according to Robinhood co-founder and co-CEO Baiju Bhatt. The company, which was founded as an easy-to-use, no-fee mobile app for trading stocks, has more recently dedicated itself to becoming one of the most popular digital currency exchanges in the country as well. There is no word as of yet as to whether Robinhood will continue to augment its list of cryptocurrencies offered for trade as of this point.

Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns bitcoin and ripple.

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