Robinhood, a financial company based in California has recently declared that it will begin the trade of major cryptocurrencies: Bitcoin, Litecoin, and Ethereum on its platform (surprisingly Ripple’s XRP not included), Robinhood Cryptocurrency.
Indeed, this comes as great news as it will allow 4 million potential investors to trade not only on cryptos but on stocks, bonds, ETFs and also other features that have been rolled out by the financial company.
It is important to know that these features are slowly being released to the platform users that reside in these American states: Massachusetts, California, Montana, Missouri, New Hampshire, Alaska, Arizona, Colorado, Florida, Georgia, Indiana, Iowa, New Jersey, New Mexico, Oklahoma, Pennsylvania, Rhode Island, Texas, Utah, Virginia, and Wisconsin. The company has stated its features will be released to other states as time goes by.
At the time of the launch, RobinHood stated on its Twitter page:
Robinhood Crypto has anchored in Rhode Island. Trade Bitcoin, Litecoin, Ethereum, and other cryptocurrencies commission free. pic.twitter.com/G9WkGcYgmU
— Robinhood (@RobinhoodApp) October 2, 2018
As per the tweet by Robinhood, the major cryptocurrencies and other digital assets can be traded without commission on them. The addition of Bitcoin, Litecoin, and Ethereum on RobinHood sums up the cryptocurrencies on its platform to sixteen as it has added other cryptos such as monero, Zcash, Dash, Qtum, Stellar, Bitcoin Gold, Lisk, Omisego, Dogecoin, and NEO.
Furthermore, RobinHood has also stated that it is rolling out some kind of news feed for its users. The Feed will help to update its users on current cryptocurrency news and so on. However, the news feed would only be accessible to some users only on its platform.
The trading of cryptos by American citizens have boosted the platform. After the platform announced it would be adding more cryptos with a commission-free feature, the number its users in America increased.
Robinhood has stated this,
“Over the past few weeks, we’ve been overwhelmed by the enthusiasm towards RobinHood Crypto and are excited to contribute to the cryptocurrency community in a meaningful way. Together, we reached four million users and well over $100 billion in transaction volume on our brokerage platform, leading to over $1 billion in commissions saved in equity trades. With the release of RobinHood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.”
This is a major stride for RobinHood, but there is no doubt that it will face a stiff rivalry from Coinbase – a popular crypto-exchange. Coinbase on the other hand has increased its investments as news of the procurement of $500 million from TigerGlobal surfaced recently.
RobinHood has been doing very well ever since its launch. But at one time, it was accused of selling users’ information. Meanwhile, RobinHood later responded to the allegations that it is a reputable company, and it would never reveal users’ information for personal gains.
The third largest cryptocurrency, Ripple (XRP) hasn’t been added to the list yet, but the company has stated that more cryptos will be added very soon. On that note, a crypto fan, Rad Gnarlinmouse, stated:
“The app is nothing without #XRP.”
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly
The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
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Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
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Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage.
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In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets.
By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…