Robinhood Chief: Cryptocurrencies are Highly Endurant
June 19, 2018
The chief at the company developing crypto trading mobile app Robinhood Baiju Bhatt in his interview to Yahoo! Finance told about advantages of cryptocurrencies and further prospects they have.
Bhatt stated the primary cause for Robinhood app starting digital currency trade is that it iы resilient:
“It has this tenacity to it which it just keeps coming back. There are times when there are big run ups in the price, and the price goes down and its relevance in society seems to fade back. And it keeps coming back.”
In February this year Robinhood declared new crypto services with BTC and ETH commission free. At that moment some days after it over 1 million of new users got registered at the app. Bhatt added, the company is already working on enhancing the range of crypto services so the app is going to support new cryptocurrencies soon.
As for the pressure put by the US Securities and Exchange Commission (SEC) over the internal market, Bhatt responded, their decisions will not affect the app functioning as Robinhood has had a broker license for 5 years and is well in with state watchdogs.
While answering the question on the future of digital currencies, Robinhood chief stated, they are going to become the main payment means soon. He added, today the primary problem for cryptocurrencies is that they are used rarely in actual life.
Note that in May Robinhood has accomplished a fund raising round to extend its crypto platform that is currently available in just 16 US states. Total sum raised was a bit more than $363 million.