Robinhood retail app introduced a new recurring investment feature for users You want to convert the Dollar Cost Average (DCA) into a currency. Since Dogecoin (DOGE) accounts for 62% of Robinhood’s cryptocurrency service revenue, the move could result in a steady stream of small buyers for the meme coin.
The company announced the launch of the new feature on Wednesday, and Users can make recurring investments in multiple crypto assets on a daily, weekly, bi-weekly, or monthly basis.
ANDThe minimum purchase amount is $ 1 and the company is promoting the feature as a simple form of DCA in the cryptocurrency markets without paying any fees.
“If you complete an order and spend $ 100 to buy bitcoin, you will get $ 100 in bitcoin. As simple as that.”
According to the platform’s website, recurring orders are typically processed between 2:30 p.m. and 4:00 p.m. ET (6:30 p.m. to 8:00 p.m. UTC).Robinhood also claims that in times of market volatility, users can receive less cryptocurrency than the stated purchase amount.However, the difference will be refunded in fiat after the transaction is completed.
For now, the service is not available to customers based in New York.
Cryptocurrency-based retailing grew in popularity on the platform in 2021. According to Robinhood’s second quarter report it is Cryptocurrency trading services generated $ 233 million in the quarter, accounting for 41% of total revenue of $ 565 millionBy comparison, the company generated $ 5 million in revenue from trading cryptocurrencies throughout 2020.