Robinhood is one of the most talked about digital asset and stock trading applications in the market. They allowed individuals from different states in the US to purchase cryptocurrencies without having to pay for fees at the time of trading. Now, they have announced that they will be opening their services to the State Of Illinois, which makes it the 29th state to receive round the clock trading services.
Trade winds are blowing in Illinois. You can now use Robinhood Crypto to trade Bitcoin, Ethereum, and other crypto in the Prairie State! pic.twitter.com/uKUgrxxu1e
— Robinhood (@RobinhoodApp) December 5, 2018
Although there is a catch, many traders had expected that XRP would be available for trading but evidently, it's not.
I was so exited about this, until I realized it didn’t include #XRP
— Coin Carter (@CoinCarter) December 5, 2018
Nonetheless, many in the states where Robinhood’s services are not available said that are eagerly waiting for it to be opened there. The following Tweets are from users who are requesting their services in the state of Washington.
We like it. Many of us are pulling money out of robinhood we have been waiting for a while now in Seattle to trade on robinhood….are the rules in WA state difficult?
— Litecoin Master ⚡️[LTC 8k] [BTC 250k] (@xtdisnkfe) December 5, 2018
When to Washington state?
— keshav (@keshavnarra) December 5, 2018
Robinhood has been noticeably expanding very fast adding 5 states in November and another 2 states, North and South Dakota in November. October had included the states of Rhode Island, Tennessee, Arkansas, Wyoming, and Ohio.
The expansion of the crypto trading app has increased many folds sincee Gretchen Howard, an alumna of Google, joined Robinhood as the vice president of operations. A blog post was earleir released about the hiring saying: “Gretchen will oversee various operational functions that are critical to growing our business, including customer support. Her expertise in scaling operations will help us accelerate our product and business growth even faster.”
The no-fee model presented by the company seemed to have democratized the investing space for every single trader. Furthermore, several experts claimed that Robinhood and no-fee trading platforms could pose a serious threat to traditional exchanges. However, there have been several individuals questioning how Robinhood was able to charge no-fees in a sustainable way. This is why there were some SEC disclosures in which it was possible to understand how Robinhood was generating income.