Financial services firm Robinhood is set to launch a recurring purchase feature that will allow users to acquire crypto as low as $1 on a daily basis without fees.
- Robinhood Crypto Chief Operating Officer Christine Brown said the service serves as a gateway for users to invest in digital tokens without being intimidated by swings in the market.
- The feature will have no fee or commission, a seeming dig at crypto retail service Coinbase which collects fees for every transaction. Robinhood will generate revenues from rebates from bulk orders.
- Brown believes the system offers better value than fee-based platforms, noting that other firms collect higher rates for recurring purchases versus one-off transactions.
- Robinhood reported an increase in crypto activities on its platform in the last quarter, with the majority of first-time customers choosing digital tokens over stocks. It plans to expand its coin offerings moving forward.
The service is available starting today and will be available to all customers within the month.
HOOD is up 0.42% premarket, BTC up 1.24%, ETH up 3.04%, and XRP up 2.26%