Queconomics – People are now trading cryptocurrency with Robinhood with its various Robinhood crypto states. Robinhood is a stock trading app that is widely used by millennials in this era.
Recently, it introduced services for customers on its platform. The services are available for five states – Montana, California, Missouri, New Hampshire, and Massachusetts.
Robinhood Crypto States, the Introduction
Investment app Robinhood has brought its trading service with a free commission to 8 U.S states. The states added were Louisiana, Delaware, Vermont, Nebraska, Kentucky, Maine, Minnesota, and Maryland.
Robinhood Crypto States are total of 47 U.S states. The cryptocurrencies offered by them to be traded are currently 7 currencies including ether and bitcoin.
Sina Nader also works in Robinhood to oversee the business of the company. Nader focusses on ‘cold’ storage systems in an effort to keep the security of the platform.
According to Nader’s LinkedIn profile, this person previously worked as the director of CryptoLux Capital company. The company was focused on private investment cryptocurrency.
He has also worked with Morgan Stanley and Credit Suisse, per the profile. In credit Suisse, Nader holds positions as an associate who manages a $100 million portfolio of alternatives and derivatives investments, and portfolio, according to the profile.
With his amazing background working in some of the world’s leading banks and the crypto industry, he brought great experience. His role is in the financial system.
The company also became the winner of a nod from the FCA (UK Financial Conduct Authority) to operate in the country. Robinhood is not the same with retail cryptocurrency exchanges.
There is no fee charged by this company to trade cryptos. The company directs orders to a number of free-trading desks (including Chicago-based Jump Trading), exchanges, and brokers.
How Does the Firm Get Revenue on Cryptos?
Since the firm does not apply fees, people are curious about the way they earn money. The trading fees of Coinbase or other crypto exchanges are their primary source of income.
The firm may not get direct earnings from the crypto trading services, but the benefits come from other parts of the firm. Today, there are many people attracted to the Robinhood network.
When they use the company’s premium product, it will generate revenue. For example, a $5 is the monthly fee paid by investors for a gold account of the company which provides research reports for investors to help them make better decisions.
With many people attracted to crypto trading, Robinhood to earn with their idle cash. With a wide range of Robinhood crypto states, the company offers beneficial services for crypto traders.