This February will bring a new mobile app based on the blockchain technology to the market. The app is called Robinhood and it will be used to trade bitcoin and Ethereum without any fees, hence the name of the app.
The Robinhood app will be useful for many people who are used to paying fees between 0.1% and 4% per transaction on the cryptocurrency exchanges.
The app allows its users to follow the prices of numerous cryptocurrencies, such as Ripple, Litecoin and other. However, the trading options are limited to bitcoin and Ethereum for the time being.
The goal of the company behind the app is to make used of the zero fee function, attracting more users to the platform that already has more than three million users.
Vlad Tenev, the co-founder of Robinhood said to TechCrunch: “We are not planning on making profit in the near future. The value of Robinhood is in the growth of our user base and the quality of our services.”
The company is hoping to attract more users by offering simple tools for analysis and transactions. Tenev also said: “We believe the cryptocurrencies have the potential to thoroughly reorganize the way the money is functioning from the beginning, transferring all the power from the traditional financial institutions to ordinary people.”