Finance application Robinhood, which allows commission-free trading in the stock market, announced that it has expanded its crypto asset products by announcing the launch of a new investment feature for digital currencies.
Robinhood, a zero commission stock trading service, stated that investors can buy crypto assets commission-free for as little as $1 per day, weekly, biweekly or monthly.
The platform added a new feature to help protect users from price fluctuations of crypto assets, adding;
“The crypto-asset market can be volatile due to the nature of the industry. Investing consistently can help you focus on long-term growth and reduce risk and stress. This is a strategy called dollar-cost averaging in the industry. The dollar-cost averaging encourages incremental deposits at regular intervals rather than all at once, regardless of where market prices stand.”
This feature also allows investors to allocate recurring investments between different crypto assets such as Bitcoin and Ethereum at zero cost.
Robinhood will gradually roll out this in-app feature to users by the end of the month. In this way, the company hopes that investments will be democratized so they can grow their portfolios and at the same time reduce the volatility of the market.
Crypto Assets Generate 50% of Robinhood’s Revenue
The company announced its second-quarter earnings results, revealing that more than half of its revenues consisted of sales of digital currencies.
On the platform, about 62% of crypto-asset revenue came from transactions on the Dogecoin side. Dogecoin gained popularity in 2021 with the support of celebrities like Tesla CEO Elon Musk.
The Robinhood app currently allows investors to buy and sell seven digital currencies, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, and Litecoin.
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