Commission-free investing app Robinhood expanded its cryptocurrency service to another American state, Utah.
Robinhood currently offers no-fee Bitcoin and Ethereum trading services and provides market data on a total of sixteen cryptocurrencies.
Utah joins a handful of states that were added over the last two months as part of a phased market rollout that is moving along. Just this month, Robinhood became available in two states: New Mexico and Wisconsin.
Robinhood Crypto got off to a good start in late February for residents in 5 states – California, Massachusetts, Missouri, Montana and New Hampshire. In April Robinhood added another location where cryptocurrency trading became available for its clients – Colorado.
Robinhood seeks to make out its niche by letting traders buy and sell cryptocurrency with zero fees. In doing so, the company plans to make money from order flows, a common tactic used by discount brokers to generate revenue by directing orders to certain trading venues. The company also receives interest on unused cash deposits from user accounts and offers a premium paid account for $10 per month, which gives users added features.