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A leap of faith: Small businesses dip their toes into crypto

  • Some small businesses are getting in on Bitcoin.
  • Experts warn that stablecoins are much more suited to long-term use.
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A leap of faith: Small businesses dip their toes into crypto

In 2018, Rob Eisenstein booked a table for his online store, CardboardandCoins.com, at a large national baseball card convention in New York. Just before the convention, Eisenstein had an unconventional idea — what if he allowed customers to pay in crypto? 

Eisenstein was already investing in crypto, but now he wanted to take the leap with his business. He created placards with wallet addresses for cryptocurrencies that he would accept at the convention. Eisenstein was able to make a few sales with crypto — certainly enough that he decided to officially accept crypto payments at his online store for the long run. 

Profile

Robinhood is an online stock brokerage that offers its customers commission free trading and investing. Robinhood users can invest and trade in stocks, exchange traded funds, options, and cryptocurrency. Customers can invest in over 5,000 stocks with Robinhood, including most U.S. equities and ETFs listed on U.S. exchanges.

Robinhood Financial, LLC and Robinhood Crypto, LLC are wholly-owned subsidiaries of Robinhood Markets, Inc. All cryptocurrency holdings are held in Robinhood Crypto as opposed to Robinhood Financial.

The company was founded in 2013 by Stanford roommates Baiju Bhatt and Vladimir Tenev. It has its headquarters in Menlo Park California and offices in the U.S and the UK.

Account Types

Robinhood’s products are accessible through its three different accounts: Robinhood Instant, Robinhood Gold and Robinhood Cash.

Robinhood Instant

Robinhood Instant is the default Robinhood account which is a margin account that has access to extended hours trading and instant deposits. Robinhood Instant account users do not have to wait for funds to process while selling stocks or depositing up to $1000.

Robinhood Gold

Robinhood Gold comprises a range of investing tools and premium products such as greater instant deposits starting at $5000 to a max of $50k, research from Morningstar on 1700 stocks, Level II Market Data from Nasdaq and more access to trading on margin. It has greater buying power and larger instant deposits as compared to the Robinhood Instant account.


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