Robinhood clients gained access to Grayscale Investments’ crypto funds
Users will be able to trade stocks through the platform application
08.05.2022 - 07:00
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What’s new? Online broker Robinhood has added cryptocurrency funds of the digital asset manager, Grayscale Investments, based on bitcoin and Ethereum to its platform. From May 6, Robinhood users will be able to trade Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) stocks directly through the app. GBTC and ETHE units offer investors access to cryptocurrency without having to buy or store digital assets directly.
There's two new ways to access crypto on @RobinhoodApp. You can start trading $GBTC and $ETHE today. https://t.co/n09aiEVhqEhttps://t.co/6tFrYCsmzx pic.twitter.com/AxKH7xZ0nS— Grayscale (@Grayscale) May 6, 2022
What is known about Grayscale Investments? It is a digital asset management fund founded in 2013. It allows US-accredited investors to buy cryptocurrency investment products in a regulated environment through traditional market instruments.
What is known about Robinhood? It is an online broker that provides investors with access to the financial markets. The platform was founded in 2012. Robinhood allows one to trade stocks, ETFs, options, cryptocurrencies, and share fractions. There are no fees for trading on the platform.
What events happened before? Grayscale Investments CEO Michael Sonnenschein called the approval of a spot bitcoin ETF by the US Securities and Exchange Commission (SEC) a matter of time. According to the head of Grayscale Investments, the fact that the SEC considers applications for futures and spot ETFs separately is a violation of the Administrative Procedure Act.
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