Robinhood announced a new feature that will allow crypto customers to buy $1 value of coins on a monthly, weekly, or daily basis, according to a report by Decrypt on Wednesday.
- Recurring purchases or dollar cost averaging is a common investment strategy in the world of stocks and is seen as a good way for hedging against volatility in the market.
- Christine Brown, COO of Robinhood Crypto stated that the ability for investors to buy small amounts on a regular basis is beneficial when it comes to the cryptocurrency markets. The strategy allows customers to take a long-term approach to cryptocurrencies.
- Brown further stated that the recurring purchase feature might be appealing to people new to crypto and concerned by the market’s regular crashes.
Robinhood hyped that the recurring feature will come with no fee or commission, unlike other crypto platforms where transaction fees can be nearly 4%. HOOD up +1.12%, Pre-market Trading, BTC USD down -0.12%