Recurring crypto investing feature by Robinhood

Robinhood rolls out a Recurring crypto investing feature that enables users to regularly buy coins commission free
Robinhood rolls out a Recurring crypto investing feature that enables users to regularly buy coins commission free

Robinhood Markets (HOOD -3.5%) rolls out a Recurring crypto investing feature that enables users to regularly buy coins, commission-free, on a daily, weekly, or monthly schedule.

The strategy of investing small amounts on a Recurring crypto investing basis, instead of large amounts all directly, is termed dollar cost averaging. That may free price swings, Robinhood (NASDAQ:HOOD) said.

Crypto recurring investments is being introduced gradually to any or all customers this month, it said; however, the feature won’t be available to NY customers.

The Robinhood brokerage app follows peers like FTX.US and Coinbase, which also offer similar features, The Block reports.

The feature may further spur use of crypto trading on Robinhood’s (HOOD) platform. In Q2 2021, the company’s transaction-based revenue from cryptocurrencies jumped to $233M from $5M within the year-ago quarter. Furthermore, it absolutely was the primary quarter during which a bigger share of latest customers placed their first trade crypto instead of equities.

Earlier in September, Robinhood competes with PayPal on new eary-deposit feature – Bloomberg