Robinhood has officially launched Cryptocurrency trading in New York. Robinhood users in NY can now buy Bitcoin, Ethereum, Litecoin, Ethereum Classic, Dogecoin, Bitcoin Cash and Bitcoin SV.
The popular stock and crypto investing app received a BitLicense from the New York Department of Financial Services in January 2019. In order to operate a Crypto exchange in the state of New York, the company must obtain the BitLicense which has been criticized by many Crypto influencers as burdensome. Other Crypto companies which have obtained BitLicense include Coinbase, Gemini, etc.
According to the press release,
“Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.”
The services of the Silicon Valley-based company are available in 39 states in the United States, including California, Washington, and Florida.
In April, Robinhood applied for a bank charter with regulators in the U.S. in order to offer traditional banking products and services.
Robinhood is only the 10th company to receive the BitLicense in the past 4 years, New York is unique and problematic for crypto traders because all purveyors must apply for a BitLicense. Hence, many crypto startups have avoided the requirements entirely by becoming BitLicense refugees and refusing to do business in the state.
Robinhood is also set to raise $200 Million in funding soon at a valuation between $7 Billion and $8 Billion.
Date: May 30, 2019
Source: Block Manity