Robinhood, a renowned American financial services company, has rolled out a recurring crypto investment feature. The company unveiled this news through a blog post on September 8, noting that this feature would allow users to purchase their favourite coins seamlessly. Reportedly, Robinhood users can tap into this feature to buy crypto worth as little as $1 on a daily, weekly, or monthly basis.
According to the blog post, this feature seeks to help crypto adopters embrace a saving culture. Robinhood claims that leveraging the dollar-cost averaging (DCA) strategy can help investor grow their crypto holdings over time while mitigating the effects of market volatility. The California-based firm believes investing in a recurring manner also helps investors reduce risk and focus on long-term growth.
While other platforms charge a commission of up to 4% for each crypto transaction, the recurring investment feature allows users to purchase a wide range of cryptocurrencies commission-free. Robinhood added that other crypto trading platforms charge higher fees for small recurring purchases compared to a single large one. As a result, investing small amounts through such firms ends up being counterproductive.
Democratizing finance
Per Robinhood, this launch is part of its mission to democratize finance for all. While the recurring crypto investment feature is currently not available to New York residents, the company intends to roll out this service for all users by the end of this month.
Urging users to take advantage of this feature, Robinhood said,
No matter what your goal is – grow your crypto portfolio, become a whole coiner, create a long-term investment plan- recurring investments can help you get there with less stress and hassle.
By streamlining crypto purchases, Robinhood is set to get an influx of investors looking to purchase the range of digital assets it supports. With Dogecoin (DOGE/USD) contributing a whopping 62% of Robinhood’s crypto revenue, the coin is set to gain as its rapidly-growing community rushes to seize this opportunity. At the time of writing, DOGE is up 7.20% over the past 24 hours to change hands at $0.2586 (£0.19).
This news comes as Robinhood’s crypto business continues growing. Per the company’s Q2, 2021 report, crypto trading services raked in $233 million (£168.79 million), representing 41% of its total revenue in the quarter. In comparison, Robinhood’s crypto business only generated $5 million ($3.62 million) in 2020.
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