In the latest sign of tremendous interest in cryptocurrencies, more than 1 million people have joined the waitlist for Robinhood Crypto in just four days.
No-fee stock trading app Robinhood announced Thursday it was rolling out commission-free trading in digital currencies bitcoin and ethereumbeginning in February. Although the service will initially only be available in just five states, within one day after that announcement hundreds of thousands of people had indicated they wanted to be notified about “early access” to cryptocurrency trading.
Around 1 p.m., ET, Monday, that number had more than doubled to 1 million. If all those sign-ups become Robinhood Crypto customers, that will mark an increase of more than 30 percent to the company’s overall user base of more than 3 million.
“Despite the downturn in price and the fraud in Japan, the interest in the cryptospace remains very high,” said Tom Lehrkinder, senior analyst at consulting firm Tabb Group. “More and more [futures commission merchants] are starting to execute and settle the bitcoin futures contracts.”