Robinhood, a leading trading platform, has introduced spot Bitcoin exchange-traded fund (ETF) trading for its US customers. This development is part of the company’s continuous efforts to offer more investment options and simplify access to financial markets.
The Robinhood Crypto app now supports trading for 11 spot Bitcoin ETFs, recently approved by the Securities and Exchange Commission (SEC). These new offerings can be accessed through retirement and brokerage accounts via Robinhood Financial. Investors have the flexibility to buy or sell spot Bitcoin ETFs like traditional ETFs or stocks, and they can also purchase Bitcoin directly through Robinhood Crypto. Robinhood assures that its crypto app provides the lowest average cost for crypto trading.
Steve Quirk, Chief Brokerage Officer at Robinhood, emphasized the company’s dedication to enhancing customer choice and broadening market access. He expressed excitement about the addition of various Bitcoin ETFs in both retirement and brokerage accounts. Quirk also underscored Robinhood’s commitment to providing a flexible, low-cost, and well-supported platform for trading.
Johann Kerbrat, General Manager of Robinhood Crypto, shared his positive outlook on the role of crypto in shaping the financial sector. He stated, “We believe crypto is the financial framework of the future and that increased access to Bitcoin via ETFs is a good thing for the industry.” He added that customers who prefer to own Bitcoin themselves can choose to buy it directly through Robinhood Crypto, where they will receive the lowest cost on average and can transfer funds in and out as they wish, if eligible.
The recent listings followed a plan revealed by Vlad Tenev, Robinhood CEO and Co-Founder, to list all approved spot Bitcoin ETFs on the Robinhood app. Tenev hailed the Bitcoin ETF approval as a significant step towards bridging the gap between crypto and traditional finance. He viewed it as a catalyst for increased clarity, improved risk management, and expanded access and investment opportunities for Robinhood’s customers.
As of November 2023, Robinhood reported over 23 million Net Cumulative Funded Accounts. The introduction of spot Bitcoin ETFs could potentially attract a wider customer base for the platform.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Johann Kerbrat, Vlad Tenev, Steve Quirk |
| Companies | Robinhood Crypto, Robinhood Financial, Robinhood, Securities and Exchange Commission |
| Currencies | Bitcoin |
| Securities | None |
