No transaction fee for trading Bitcoin/Ethereum with this app

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The firm has already racked up over 3 million users.

Baiju Bhatt, the cofounder of Robinhood, told Business Insider that cryptocurrencies are something he and his cofounder Vlad Tenev have been thinking about for a while.

The service will initially be available in California, Massachusetts, Missouri, Montana, and New Hampshire, and will become available to other states in coming months.

For now, Tenev isn't revealing any possible plans to start trading those other currencies, however, he said that a "listing committee" had been established to analyze factors such as security, functionality and demand to assess cryptocurrencies that could be added to the trading functionality or the market data list.

Robinhood, one of the unicorns of Silicon Valley, and the app that targets millennials to trade zero-fee stocks, has now set its eye on the hottest market:cryptocurrencies. "We want to be there and help shape the way the industry goes with a better platform at a better price".

Along with the news, Robinhood also announced in Twitter post the introduction of Robinhood Crypto.

Bitcoin has been the word on everyone's lips for the past few months, as the cryptocurrency has hit record highs.

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"We're extremely selective about the cryptos we're making available on the platform". They have been looking at bitcoin and cryptos for a long time, even as far back as 2010 when they were doing their own crypto mining on personal computers.

He said: "So this is money that would have been spent on coffee or on Amazon or just discretionary stuff, and because Robinhood has the experience that you might get from buying a physical product or something on Amazon, it sort of feels like spending in a way that's very positive and very engaging, but people end up building a portfolio over time". It has gone up and gone down.

"We believe that cryptocurrencies have the potential to fundamentally reorganize the way money works from the ground up, putting power previously held by financial institutions directly in the hands of the people", says a blog.

The new cryptocurrency offering, according to Bhatt, is tied to Robinhood's ethos of democratizing financial services and toppling the old guard of Wall Street.

With this announcement, Robinhood has generated a lot of excitement among cryptocurrency fans.

According to press, Robinhood users will be allowed to transfer up to $1,000 directly from their bank account to their Robinhood Crypto one and trade immediately. Not only does the company hope to attract cryptocurrency enthusiasts to its more traditional products, but it's also launching the service to catch some of the momentum cryptocurrency has seen as of late.

Robinhood will offer easy access to funds, says Bhatt.