Robinhood is adding more coins to its crypto platform as it boasts reaching 5 million users
- Litecoin and bitcoin cash are being added to Robinhood Crypto, the California broker announced on Thursday.
- The company has been rapidly expanding its crypto offering since it launched earlier this year.
Robinhood, the California-based brokerage known for pioneering free stock trading, is diving deeper into the world of cryptocurrencies.
The firm first announced it was gatecrashing crypto trading with a new brokerage offering earlier this year. Now, the company said on Thursday it is expanding Robinhood Crypto, enabling trading of two new cryptos: bitcoin cash and litecoin.As Business Insider first reported in June, Robinhood had been hiring developers to support trading of new coins. It was a move experts in the crypto space said would better position the firm against more established crypto exchanges such as Coinbase, which is best known for its retail unit but also sells services to Wall Street through its institutional divisions.
Currently, Robinhood Crypto is available in 17 states. Since it first started offering crypto trading, Robinhood's founders described its entry into the market as a customer acquisition play, not a money-maker.
The company also said that its platform now spans 5 million customers, a 2 million person increase from December 2017. That makes it much larger than E*Trade, which serves 3.7 million clients.
Still, it is not clear how much money those users hold with Robinhood.