Robinhood Creates A Crypto Portfolio And Revolut Opens To Trading In US

The retail investor has become one of the most coveted assets of new fintech firms . The savings they have accumulated during the forced confinements due to the coronavirus pandemic is a capital that has been entering the markets in recent months, and all operators want to take advantage of the opportunity. The ultimate goal, as it has always been for the banking sector, is that the user can make any type of transaction -traditional investment, operations with cryptocurrencies, payments of all kinds- without leaving the platform.

Revolut will allow the purchase of shares in the US without the client having to pay commissions. In this sense, it will include the transaction with ETFs and shares on the NYSE and the Nasdaq. Later, the company foresees that fragments of shares can be bought, as some of its rivals already do.

The company led by Nik Storonsky has taken 16 months to obtain a license from the US financial regulators to operate as a broker in the country.

At present, Revolut allows the operation of shares to users from other countries such as the United Kingdom. There they allow a limited number of sales without commissions depending on the client plan that the user has contracted.

Robinhood launches its crypto portfolio after a long wait
Robinhood will begin testing its crypto portfolio in October, giving access to this new functionality to a group of users. They will be able to provide comments in real time to the developers of the application to send them the errors that may occur or the issues to be improved. In addition, they have enabled a waiting list so that other interested users can gradually access this function.

Until now, investors can trade cryptocurrencies, but not their storage or exchange with other users or with other cryptocurrencies of the user himself.

In this way, Robinhood will compete in this facet with other brokers such as Coinbase and Gemini, who have already had this option for a long time.

The company admits that it is late compared to its rivals, but says this allows them to launch a product that is “intuitive, with security options such as identity verification, multi-factor authentication, and verification by phone and email.”

On the other hand, Robinhood will add an option that allows a scheduled and recurring purchase of cryptocurrencies from just one dollar and without commissions so that the client focuses “on long-term growth, reduces risk and reduces the stress of time. of the markets “.

At the moment, Robinhood allows trading with the main cryptocurrencies, such as bitcoin, ethereum, dogecoin, litecoin or bitcoin cash.

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