Robinhood launches recurring crypto investing feature

Robinhood Markets (HOOD -3.5%) rolls out a feature that allows users to regularly buy coins, commission-free, on a daily, weekly, or monthly schedule. The strategy of investing small amounts on a recurring basis, rather than large amounts all at once, is called dollar cost averaging. That can smooth out price swings, Robinhood (NASDAQ:HOOD) said. Crypto recurring investments is being introduced gradually to all customers this month, it said; however, the feature will not be available to New York customers. The brokerage app follows peers like FTX.US and Coinbase, which also offer similar features, The Block reports. The feature may further spur use of crypto trading on Robinhood's (HOOD) platform. In Q2 2021, the company's transaction-based revenue from cryptocurrencies jumped to $233M from $5M in the year-ago quarter. Furthermore, it was the first quarter in which a larger share of new customers placed their first trade in crypto rather than equities. Earlier