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Regardless of a sluggish cryptocurrency market, inventory buying and selling app Robinhood is including two new digital currencies to its platform.
“Since we launched Robinhood Crypto in February, our clients have voiced curiosity in shopping for and promoting different cryptocurrencies past Bitcoin and Ethereum,” Robinhood stated in a weblog put up Thursday.
The corporate additionally stated it has topped 5 million customers throughout your complete Robinhood platform, helped by “vital momentum generated over the past a number of months with the introduction of Choices and Crypto.”
The platform added cryptocurrency buying and selling in February, two months after bitcoin had skyrocketed to just about $20,000. It has misplaced 65 p.c of its worth for the reason that excessive, and has fallen greater than 50 p.c this yr to round $6,180 as of Thursday morning.
Litecoin, one of many cash being added to Robinhood Crypto, is down greater than 64 p.c since January and was buying and selling close to $77 Thursday, in accordance with Coindesk. The opposite digital foreign money bitcoin cash has dropped greater than 72 p.c in the identical time-frame, and was buying and selling close to $682 Thursday. The market capitalization of your complete digital foreign money market has fallen60 p.c this yr, in accordance with knowledge from CoinMarketCap.com.
Different common buying and selling platforms, together with Coinbase have seen stress from traders trying to commerce extra cryptocurrencies. Rumors about Coinbase including XRP to the platform pushed up the value of that cryptocurrency early this yr.