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Retail crypto traders on Robinhood can now set up regular commission-free investments in numerous crypto assets on a daily, weekly, biweekly, or monthly basis.
Robinhood, a retail trading platform, has launched a new recurring crypto investing function for consumers who want to dollar cost average (DCA) into a currency. Given that Dogecoin (DOGE) accounts for 62% of Robinhood’s crypto services revenue, the move may result in a consistent stream of modest buyers for the joke coin.
The firm announced the launch of the new feature on Wednesday, and users are able to set up recurring investments in multiple crypto assets on a daily, weekly, bi-weekly or monthly basis.
The minimum purchase amount is $1, with the firm promoting the feature as a simple way to DCA into crypto markets without paying fees.
“If you place an order and spend $100 to buy Bitcoin, you’ll get $100 worth of Bitcoin. Period,” Robinhood stated.
According to the platform’s website, recurring crypto orders will usually be processed between 2:30 pm and 4:00 pm ET (6:30 pm to 8:00 pm UTC). Robinhood also states that users may receive less crypto than their set purchase amount during times of market volatility; however, the difference will be refunded in fiat after the trade is completed.
Customers in New York are presently unable to use the service.
In 2021, cryptocurrency-based retail trade has grown in popularity on the platform. According to Robinhood’s Q2 earnings report, crypto trading services produced $233 million in the quarter, accounting for 41 percent of the company’s overall revenue of $565 million. In comparison, the firm earned a total of $5 million in income from cryptocurrency trading in 2020.