Garrett
@garrett
Competition is good for users Excited to see Robinhood and Coinbase continue to innovate and compete Lots of factors at play but I think they can both be successful and expand the crypto market in the US and beyond
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Luciano
@luciano
imo Robinhood and Coinbase don’t really compete they are complimentary to one another They aren’t catering to the same user and when they do that user probably uses both
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Garrett
@garrett
If a user trades crypto exclusively on a Robinhood then how is Coinbase complimentary to that?
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Luciano
@luciano
trades crypto but doesn’t own it on robinhood vs buy and actually trade crypto on coinbase? institutions don’t trade on robinhood haha
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Garrett
@garrett
Trading crypto on coinbase or robinhood is basically the same Centralized exchange that custodies the asset Obviously institutions aren’t trading on Robinhood, it’s a strictly retail focused platform
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Luciano
@luciano
one allows you to withdraw your assets and one does not you are paper trading crypto on robinhood with no real claim on the underlying asset
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Garrett
@garrett
Crypto transfers/withdraws are possible on Robinhood in every state besides NY or Texas Not sure about other countries where Robinhood operates
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Luciano
@luciano
imo i think users who care to withdraw will continue to use coinbase especially considering DOJ slapped robinhood with a fine for not allowing users to withdraw unless robinhood gets a bitlicense, etc and really attempts to compete in that offering more likely people use both rather than one or the other
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