Very recently the equity trading platform Robinhood announced that they would be entering the cryptocurrency exchange market. What truly impressive about this, however, is that Robinhood plans to offer zero commission crypto buying and selling which is in stark contrast to the high mining prices currently plaguing major cryptocurrencies.
While you currently cannot trade cryptocurrencies on Robinhood you can track the prices of around a dozen major coins include Bitcoin, Ethereum, Litecoin, Dash, and others. There are currently half a million Robinhood users waiting for full cryptocurrency functionality on the platform which is set to be rolled out starting in early February.
Robinhood has always prided itself on its ability to provide zero commission equity trading and now that it has placed a large team behind cryptocurrencies it is clear that Robinhood sees a very impressive market to capture. At this point Steem is not part of the dozen currencies being tracked on Robinhood, however, I have not doubt that as both Steemit and Robinhood gain more traction, buying and selling Steem on Robinhood is only a matter of time.
What do you think about Robinhood's venture into the crypto market? Are they biting off more than they can chew or is this going to pave the way for a more centralized was to exchange fiat currency for crypto coins?
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