“Lots of average costs… wow”: Robinhood launches recurring crypto trading

Robinhood Markets Inc. HOOD Financial Services Company,
will now allow its users to set up recurring investments in cryptocurrency.

Prior to this announcement, Robinhood users were only allowed to set up these automated purchases for stocks and ETFs, not cryptocurrency.

Recurring investing, also known as ‘set it and forget it’, is a popular method where a specific amount of money is invested regularly on an often automated basis. This method is particularly useful when the markets are volatile.

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“Crypto markets can be volatile due to the nature of the industry,” Robinhood wrote in a blog post. “Investing on a recurring basis can help you focus on long-term growth, reduce risk, and reduce the stress of timing markets. “

The seven digital coins that trade on Robinhood such as bitcoin BTCUSD,
+ 0.24%,
ethereum ETHUSD,
+ 0.24%,
dogecoin DOGEUSD,
+ 0.27%
and litecoin LTCEUR,
+ 0.09%
will be eligible for recurring investments.

Robinhood CEO Vlad Tenev said: “Lots of average costs… wow” after his company announced that it will now allow recurring cryptocurrency purchases.

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The recurring crypto feature is currently available to a large portion of Robinhood’s users, and the rest of its users will have access to it by the end of September 2021, the company told MarketWatch.

Binance and Gemini crypto exchanges also offer recurring exchanges.

Robinhood’s latest feature has always been in the company’s plans, and its beginnings are unrelated to cryptocurrency volatility, Robinhood told MarketWatch.

More on cryptocurrency: Shiba Inu soars over 25% on Friday as dogecoin copier debuts on Coinbase

The announcement comes as Robinhood says it is donating $ 20,000 to five students in an effort to attract young investors to its platform.

Robinhood has been criticized in recent years for using gamification to attract Gen Z investors to its platform.

Robinhood’s stock is up 11.2% since going public on July 29, compared to a 0.33% gain for the S&P 500 SPX,
over this same period.

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