With the acquisition of cross-exchange trading platform Cove Markets, Robinhood will continue building a world-class crypto trading platform. It will make investing in cryptocurrencies simpler and low cost. They will focus on obtaining quality executions for consumers in the crypto market.
Scott Knudsen, CEO, and Co-Founder, Cove Markets, said they started the platform three years ago to help crypto investors get the most out of their trading experience. “Now, we are excited to join Robinhood to help build a world-class platform that can improve trading for millions of customers.”
Chrisine Brown, Chief Operating Officer, Robinhood Crypto, said the Cove Markets team will bolster their crypto trading platform and Robinhood strengthens its leadership in the market. “Their wealth of experience in trading execution and crypto market infrastructure will help us to build more powerful trading capabilities, bringing the benefits of better competition in the crypto market to our customers.”
Since its launch in 2018, Robinhood Crypto has worked hard to make crypto more accessible and easier to understand. It continues to offer zero-commission fees. The platform has recorded demand in crypto trading with the initial rally of meme tokens earlier in 2021. Robinhood has generated more than half of its transaction-based revenue in the second quarter of 2021 from crypto trading.
Furthermore, it has hired Chainalysis – a blockchain data platform to provide compliance services as well as to deepen its foothold in the crypto industry. Robinhood is also working towards adding new features to attract more users.