Robin Hood plans to expand its crypto currency services

[Leviathan.007]

Robin Hood CEO Vlad Tenev has said the company is working to increase its digital currency trading services.

In an interview posted on YouTube on Thursday, Tenev spoke more about his plan to increase his workforce and add crypto currency pairs. Announcing the details of ongoing programs, CEO Robin Hood said:

"As much as people are bugging me on that on social media, I'm bugging our crypto team and our software engineers. We're going to try and get that done as fast as possible. And we'll see. We might add some new coins along the way."

As previously reported by cointelegraph, Robin Hood had 6 million new crypto currency customers in the first two months of 2021 - more than 15 times the average recorded in 2020 and with the development of more currency pairs It could be more supportive, and Tenev says Robin Hood is currently working on ways to control the increase in traffic.
According to the reports about Robin Hood, in addition to increasing the number of employees, they are also planing to improve access to services and customer support.

Source: https://cointelegraph.com/news/robinhood-targets-expanded-cryptocurrency-trading-business


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This is my 1000th post in this forum during almost 3 years. 

[androyster]

Right now all they let you do is trade in $ for bitcoin.  Bitcoin is treated like a security.  Trading is very fast.  You can buy low and sell high as the value of Bitcoin goes up or down.

[bassbity]

Competition is getting tougher, Robin Hood cannot be underestimated for adoption this year, we will be dealing with millions of transactions that transcend countries, making the ups and downs even more perfect. But the most important thing is that this will add a new style, when the CEO of Robin Hood increases the number of employees, automatically there is a big target that will happen this year. very surprising.

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This is my 1000th post in this forum during almost 3 years. 

Oh really? A very fantastic figure in 3 years, pretty good achievements for you in the future. congrats

[Poker Player]

This is yet another sign of increased adoption and demand. We see news like this all the time lately, like the news about Visa. With this, the price in the short to medium term can only go up.

[mk4]

Right now all they let you do is trade in $ for bitcoin.  Bitcoin is treated like a security.  Trading is very fast.  You can buy low and sell high as the value of Bitcoin goes up or down.

While that's true and quite unfortunate, let's be honest here — it seems like a huge majority of Robinhood users doesn't even care about having ownership of the company stocks they're buying, as it's mostly being used for speculation. I'd imagine it would be the same for bitcoin and cryptocurrencies as chances are, the actual hodlers would use something existing and that actually has a withdrawal option such as Coinbase.

[best123]

Cryptocurrency trading platform is a very lucrative business now. He should make hay while the sun shine. The trading and withdrawal fees is going to fetch him so good money. That's good expansion for his business.

[hatshepsut93]

No one should be excited about this after what happened with Robinhood and GME. If major crypto exchanges are bad, Robinhood is beyond bad, you won't even own Bitcoin, you won't be able to send it to your own wallet, and the risk that the platform will be running on fractional reserve is very high.

[JeromeTash]

Nothing exiting for me. Aren't these the chaps who tried to block the retail traders from using their app after the gamestop saga?

Apparently according to them, when Big institutions manipulate the markets, it's being smart and legal. When retail traders do the same against the big dogs, it's illegal.

[Baofeng]

Hmm, I still remember this case, Robinhood sued by family of 20-year-old trader who killed himself after believing he racked up huge losses.

I do hope that there won't be another case of this one as they are expanding it's crypto services and specially there are also cases against them for targeting inexperience traders, Crypto-friendly trading app Robinhood faces lawsuit from securities regulators.

[SFR10]

"As much as people are bugging me on that on social media, I'm bugging our crypto team and our software engineers. We're going to try and get that done as fast as possible. And we'll see. We might add some new coins along the way."

It looks like it's going to be anything but reliable...
^{- It has to be thoroughly tested or else they'll end up with another disaster [lately, they're getting quite good in achieving such things ].}

I'd imagine it would be the same for bitcoin and cryptocurrencies as chances are, the actual hodlers would use something existing and that actually has a withdrawal option such as Coinbase.

It appears that they're planning to add a cryptocurrency wallet in order to make them work side by side.
^{Personally, I wouldn't use a platform with so many red flags.}

[mazdafunsun]

Considering what they did at the middle of GME saga and what crypto currency stands for - get away from them and don use them.
In addition , they most likely are offering just some kind of financial nonsense instrument as a way to buy crypto and you will NOT own crypto currency. Just use coinbase,binance instead.

[blockman]

Hmm, I still remember this case, Robinhood sued by family of 20-year-old trader who killed himself after believing he racked up huge losses.

This is what I remember when I read things about Robinhood. It's been attached that when there's news, that's what I think. But have to move on.
Before they add some services, they should be reliable first and keep on testing their system so that there won't be another case of an error on their end.

[orions.belt19]

I'm not so familiar with Robinhood so I'm not so sure, but are you able to buy the actual coin? Or is it similar to Etoro where you can't actually transfer it to wallets because you're not actually buying the coins? Its only speculative, like stocks. Its nice to see that there are many interested users however Robinhood had some issues during the GME fiasco a while back so if you plan on buying crypto, then Robinhood may not be your best bet. I guess many traders want in to cryptocurrency because of the current bull market but are not actually keen on owning it.

[PointHope]

After what happened with GameStop, everyone with a brain should run (not walk) away from the hedge fund crooks at Robinhood.

[cryptoperkele]

Why would anyone want to use robinhood after they halted the gamestop trading in the middle of it all? I wouldn't buy or sell anything in there after what they pulled. They will do something like that again because nothing is stopping them.

[20kevin20]

Why would anyone want to use robinhood after they halted the gamestop trading in the middle of it all? I wouldn't buy or sell anything in there after what they pulled. They will do something like that again because nothing is stopping them.

Binance, Coinbase and many other major CEXs are making similar moves, intentionally or not. And I believe it's unfortunately intentional. If you can manipulate markets to your advantage by crashing your own service, why not?

Robinhood sucks. But since most would do something to profit off such as crashing their own website even if it's at the expense of their own customers, unless we go decentralized we cannot guarantee some CEX will not do something like that sometimes in the near or far future. So best thing we can do is just abolish those exchanges and go decentralized.