Robinhood, a retail trading platform, has launched a new recurring cryptocurrency investment feature that allows users to convert a dollar cost average (DCA), into a coin. The move could lead to a steady stream small buyers for the memecoin, as DOGE is 62% of Robinhood’s crypto services revenue.
On Sept. 8, the firm announced that the new feature was launched. Users can now set up recurring investments in multiple cryptocurrency assets on a daily basis, weekly, bi-weekly, or monthly basis.
The minimum purchase amount for the feature is $1. The firm promotes it as an easy way to get DCA into crypto markets, without having to pay fees.
“If you order $100 and buy Bitcoin, you will get $100 in Bitcoin. Robinhood said that this is the case.
Related: PayPal is reportedly looking to take on Robinhood stock trading
The website states that recurring orders for crypto will be processed between 2:30 and 4:00 ET (6:00 PM to 8:00 PM UTC). Robinhood states that customers may receive less crypto during market volatility but will be reimbursed in fiat once the trade is complete.
New York-based customers are currently unable to use the service.
In 2021, crypto-based retail trading is expected to grow in popularity. Robinhood’s Q2 report shows that crypto trading services generated $233million in quarter two and 41% of its $565 million total revenue. The total revenue generated by crypto trading services for 2020 was $5 million.
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