Robinhood Adds Trading in Litecoin

July 12, 2018
Updated 1mo ago

By Jacqueline Corba

Litecoin is now available for trading on Robinhood.

That means users of the millennial-focused trading app can invest in the cryptocurrency commission-free in the 17 states where the service can trade the digital asset.

Charlie Lee, founder of Litecoin, praised Robinhood for the ease of use of its fintech platform, but the news didn't move the needle for investors Thursday.

"We are getting a lot more adoption and the price has gone the opposite way," Lee said in an interview on Cheddar's The Crypto Craze. "In the short term it doesn't track it, but I think we are doing well for the long term, and the price will come back. It's just a matter of time."

Litecoin, the sixth largest cryptocurrency by market cap, is trading at about $76 dollars, about the lowest its been since last November. Prices peaked at over $360 in December, but have sold off along with the rest of the digital currency market.

The Robinhood partnership came a day after Litecoin Foundation announced it acquired a nearly 10 percent stake in Germany's WEG Bank, a deal that could help expand where the digital currency is used.

"We've had trouble getting a bank account," Lee said. "With this bank deal we are looking to do our own merchant payment processor."

The ultimate goal, said Lee, is for people to be able to spend Litecoin anywhere they go.

For the full segment, click here.