Robinhood rolls out its platform to people in Colorado, leading many in other states to question when the commission-free crypto service will be available to more states.
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Patience, which is a virtue, is loss upon crypto investors
While it’s logical that the relatively new startup would want to cautiously rollout its services, the strategy is not sitting well with many of the impatient people that make up the crypto community.
They took to Twitter to respond and question why Robinhood’s rollout is so slow, as well as why it wasn’t available in more popular states.
Take this tweet for example.
Slowly adding every state that doesn’t matter? Stop dragging your feet and focus on the east coast. NY/NJ/CT/VA/FL
— How To Crypto (@How2Crypto) April 22, 2018
And here’s one about which state should be next.
Please add wealthy states, eg: New Jersey
— Alex (@xagx) April 22, 2018
Robinhood rolled out its always open, crypto trading platform as part of its efforts to expand cryptocurrency access and exposure to more people.
It’s traditionally been favored by millennials interested in trading stocks, ETFs, and options.
However, its around the clock commission-free cryptocurrency trading is thought to make it a formidable player in the crypto space.
In our February reporting, we told you about a Robinhood blog post in which it discussed its commission-free trading.
It boasted the number of its users having grown to four million. It also boasted having a transaction volume on its brokerage platform of more than $100 billion. That’s led to it saving users more than $1 billion in equity trade commissions.
With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy. – Robinhood
In addition, we’ve noted that because Robinhood already had a significantly large user base, it is ideally poised to give the crypto market a fresh push and open the gates for new money to enter the space.