Robinhood Offers Crypto Trading to Georgians
Robinhood has always been the type of company to quickly change the landscape of their chosen field. In the very beginning of the organization, Robinhood attracted investors from all over the United States with the promise of ridiculously low fees, quick trading, and a simple legal signup process. The large company does not charge commissions, meaning that it is easier than ever for the average investor to turn a profit trading on their brokerage.
But now, the company has taken an even more drastic step in changing the way that some stock brokerages do business in the United States. The opening of cryptocurrency trading accounts has been in the works for quite some times, with rumors about Robinhood possibly allowing for the trade of cryptos surfacing early last year. The organization has finally started to make good on this leak of potentiality, albeit relatively slowly.
They started their work on the cryptocurrency market this year, releasing cryptocurrency trading in four states before expanding to Iowa and New Jersey on July 31 and July 9 respectively.
Robinhood’s trading platform has announced recently that they will allow residents of the state of Georgia to open accounts and trade cryptocurrencies, including Litecoin, Dogecoin, Ethereum, Bitcoin, and Bitcoin Cash. Though it is currently only a service open to certain residents within the state of Georgia, this move is a big step for the company, and could be a sign of nation-wide opportunities soon to come.
This move has been in the works for quite some time. Robinhood has likely been wrestling with regulators in Georgia for a while over the possibility of offering cryptocurrency trading to its largely retail client-base. Regulation in the United States is increasingly competitive and complicated, which may be one reason why the company is taking its sweet time offering cryptocurrency trading to all of its clients—a number in the hundreds of thousands.
Additionally, professionals comment that the company is likely looking to gauge the level of interest from consumers before jumping headfirst into the brand new market in the United States. By starting out small, they will be able to accurately and easily assess the success of the new offerings within Georgian residents.
This means, however, that there are significant restrictions to how the process functions. Right now, users cannot send their coins, nor receive them within the Robinhood app. The functionality for Georgian residents is limited to buy, hold, and sell, which makes sense given the limited scope of the experiment.
It is incredibly unlikely that Robinhood plans to permanently ignore the cryptocurrency dreams of their customers in the other 43 U.S. states. As it stands, the company has already rolled out the service in the aforementioned seven states, and plans on continuing the slow march of progress. More than likely, the company will eventually answer the loud calls to expand service to all fifty United States.
Robinhood’s inclusion of Georgia in their brand new cryptocurrency trading platform is an important step in the company’s effort to make BTC and Ether futures trading accessible to all.