Retail buying and selling platform Robinhood has rolled out a brand new recurring crypto funding function for customers who need to greenback value common (DCA) right into a coin. Given DOGE accounts for 62% of Robinhood’s crypto services income, the transfer might end in a gentle stream of small consumers for the memecoin.
The agency announced the launch of the brand new function on Sept. 8, and customers are in a position to arrange up recurring investments in a number of crypto belongings on a every day, weekly, bi-weekly or month-to-month foundation.
The minimal buy quantity is $1, with the agency is selling the function as a easy technique to DCA into crypto markets with out paying charges.
“For those who place an order and spend $100 to purchase Bitcoin, you’ll get $100 price of Bitcoin. Interval,” Robinhood said.
Based on the platform’s web site, recurring crypto orders will often be processed between 2:30 pm and 4:00 pm ET (6:30 pm to eight:00 pm UTC). Robinhood additionally states that customers might obtain much less crypto than their set buy quantity throughout occasions of market volatility, nevertheless the distinction shall be refunded in fiat after the commerce is accomplished.
Thhe service is at the moment unavailable to New York-based clients.
Crypto-based retail buying and selling has surged in recognition on the platform in 2021. Based on Robinhood’s Q2 report, crypto trading services generated $233 million within the quarter and represented 41% of its whole $565 million income. Compared, the agency generated a complete of $5 million in income from crypto buying and selling for everything of 2020.