Robinhood is adding more coins to its crypto platform as it boasts reaching 5 million users



Robinhood co-founders Vlad
Tenev (left) and Baiju Bhatt


Robinhood


  • Litecoin and bitcoin cash are being added to Robinhood
    Crypto, the California broker announced on
    Thursday. 
  • The company has been rapidly expanding its crypto
    offering
    since it launched earlier this year

Robinhood, the California-based brokerage known for pioneering
free stock trading, is diving deeper into the world of
cryptocurrencies. 

The firm first
announced it was gatecrashing crypto trading with a new brokerage
offering earlier this year
. Now, the company said on Thursday
it is expanding Robinhood Crypto, enabling trading of two new
cryptos: bitcoin cash and litecoin. 

As Business Insider first reported in June, Robinhood had been
hiring developers to support trading of new coins. It was a move

experts in the crypto space said would better position the firm
against more established crypto exchanges such as Coinbase
,
which is best known for its retail unit but also sells services
to Wall Street through its institutional divisions. 

Currently, Robinhood Crypto is available in 17 states. Since it
first started offering crypto trading, Robinhood’s founders
described its entry into the market as a customer acquisition
play, not a money-maker. 

The company also said that its platform now spans 5 million
customers, a 2 million person increase from December 2017. That
makes it much larger than E*Trade, which serves 3.7 million
clients. 

Still, it is not clear how
much money those users hold with Robinhood.


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