Retail trading platform Robinhood has rolled out a new recurring crypto investment feature for users who want to dollar toll average (DCA) into a coin. Given Dogecoin (DOGE) accounts for 62% of Robinhood's crypto services revenue, the move could upshot in a steady stream of small buyers for the meme coin.

The firm announced the launch of the new feature on Wednesday, and users are able to set upward recurring investments in multiple crypto assets on a daily, weekly, bi-weekly or monthly basis.

The minimum purchase amount is $one, with the firm promoting the characteristic as a simple way to DCA into crypto markets without paying fees.

"If you lot place an order and spend $100 to buy Bitcoin, yous'll get $100 worth of Bitcoin. Catamenia," Robinhood stated.

Related: PayPal reportedly looks to take on Robinhood with stock trading

According to the platform'due south website, recurring crypto orders will usually be processed between two:xxx pm and 4:00 pm ET (6:30 pm to 8:00 pm UTC). Robinhood also states that users may receive less crypto than their gear up purchase corporeality during times of market place volatility; however, the difference volition be refunded in fiat afterwards the merchandise is completed.

The service is currently unavailable to New York-based customers.

Crypto-based retail trading has surged in popularity on the platform in 2022. According to Robinhood's Q2 report, crypto trading services generated $233 million in the quarter and represented 41% of its total $565 1000000 of acquirement. In comparing, the firm generated a total of $five million in revenue from crypto trading for the entirety of 2022.