The cryptocurrency industry, Robinhood is looking to take advantage of its early entry into the market.
In a move to ensure the organic growth of the company in the cryptocurrency space, Robinhood has partnered with a small-scale but profitable trading firm called Jump Trading.
To the millennial investor by offering “Zero-fee trading,” increased its user base by heaps last year when it began offering cryptocurrency services in several states in the U.S. The Silicon Valley darling recently bagged the prestigious BitLicense from the New York Department of Financial Services Subsequently, the firm launched its cryptocurrency trading app in New York on May 24, 2019.
Founded in 1999 by two Chicago-based veteran traders, Jump’s inclination towards the cryptocurrency ecosystem gives an idea about the increasing number of traditional financial players who are eager to wet their feet in the notorious industry in hopes of exorbitant returns.
As reported by BTCManager on May 6, 2019, Wall Street titan Fidelity Investments had declared that it could launch its institutional-grade Bitcoin trading service “Within a few weeks.”
New York-based trading platform E*Trade also made its cryptocurrency ambitions public in April 2019, when it filed an application with the U.S. Securities and Exchange Commission seeking to establish a digital currency trading business.