Robinhood Crypto Trading Platform Adds Ohio, Now Available in Over Half US States
Robinhood Platform Launches in Ohio, Reaching Halfway Point Across the Country
The Robinhood team has been working to bring their trading services across the country, but they’ve only managed to reach one state at a time. The latest one to be added to the crypto and stocks trading app is Ohio, making them the 25th state to join.
The addition of Ohio was announced in a tweet from the startup, giving users in that state access to trading multiple cryptocurrencies, like bitcoin, Ethereum, Ethereum classic, dogecoin, Litecoin, and bitcoin cash. This month, Robinhood has also welcomed Rhode Island, Tennessee, Arkansas, and Oklahoma. Alaska joined as well.
Robinhood Crypto is ebbing and flowing in Ohio! Trade Bitcoin, Ethereum, and other crypto commission-free in the Buckeye State. pic.twitter.com/F5sPCteWMP
— Robinhood (@RobinhoodApp) October 11, 2018
Other states already included with Robinhood include:
- New Jersey
- New Mexico
Ohio is joining at a time when the startup has recently launched its own clearing system, which they’ve been working to make into a reality for about two years. On Twitter, Robinhood posted,
“Introducing Clearing by Robinhood. It’s the only clearing system in the last decade to be built from scratch. For you, this means: Fewer fees, Improved customer support, A better overall experience.”
Before the clearing system, Robinhood had to defer these processes to a third party instead. With the system, which is a 100-person team effort, Robinhood also has licensing from the Depository Trust & Clearing Corporation (DTCC), the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency (OCC).”
According to the block, the clearing system
“means you’ll only pay for what things actually cost, and not a penny more. Before, bank reversal fees were $30, but once you’re on the new system, we’ll only pass on what the banks charge: $9.”
A news that Robinhood is presently worth about $5.6 billion, following a funding round. There’re no specific details about what financial services they specifically plan to offer, but there should be more details released soon. One of the services might involve banking, considering how Robinhood spoke with regulators about the potential for getting a national banking charter.
According to the FAQ for Robinhood,
“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.”