Robinhood Adds Litecoin, Bitcoin Cash to Cryptocurrency Offering

Commission-free investing app Robinhood has increased the number of cryptocurrencies ‎available to its clients, as the company continues its efforts to deepen its ‎involvement in the rapidly growing space. The latest addition expands the total number of cryptocurrency assets available on Robinhood’s platforms to four.

The six-year-old startup now allows more than 5 million customers across 17 US states to buy, sell and hold Litecoin and Bitcoin Cash alongside the ‎already installed Bitcoin and Ethereum.‎ Robinhood also says that in the future it plans to add more types of investment vehicles and a slew of other cryptocurrencies.

Time to buy the dip?

The new listings follow on the heels of the launching of a new tool, called Options and Crypto, which Robinhood says it helped generate “significant momentum over the last several months.”

Robinhood Crypto got off to a good start in late February for ‎residents in five states ‎‎– California, Massachusetts, Missouri, ‎Montana, and New Hampshire.‎

“Since we launched Robinhood Crypto in February, our customers have voiced interest in buying and selling other cryptocurrencies beyond Bitcoin and Ethereum,” Robinhood said in a blog post on Thursday.

The competitive landscape for cryptocurrencies in the US is heating up. Last month, Coinbase announced that it is moving forward with a plan to acquire licensure that would allow the company to begin offering blockchain-based securities and participate in the ICO market. The company has also acquired the broker-dealer Keystone Capital Corp., based in California.

Also in May, Robinhood raised its latest round of funding, ‎bringing in $363 million at a $5.6 billion valuation. ‎

The Silicon Valley company said that it would use the ‎funds to increase hiring and develop new products around ‎its stock trading app, which allows users in states where Robinhood has obtained regulatory approval to acquire digital currency with no minimum purchase amount.  ‎