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US Stock Brokerage Robinhood Crypto Launches Crypto Trading App in New York

Stock brokerage company Robinhood Crypto has officially rolled out its crypto trading application in New York. The launch was announced in a company blog post dated May 23.

After securing a BitLicense from New York’s Department of Financial Services (DFS) at the start of the year, Robinhood can now let New Yorkers invest and trade in the seven major cryptocurrencies without any commission fee if they use the company’s crypto trading app.

The company was also awarded a money transmitter license that allowed them to operate in the state.

Now Available in 39 US States

The zero-fee Robinhood Crypto platform is now available in 39 US states, including California, Florida, Ohio, and Washington.

According to the Robinhood blog, its crypto trading application approves the trading of bitcoin (BTC), bitcoin cash (BCH), bitcoin SV (BSV), dogecoin (DOGE), ethereum (ETH), ethereum classic (ETC), and litecoin (LTC). App users can also monitor price changes and updates for the major cryptos and 10 extra coins.

Bank Charter with US Regulators Applied Last April

The company had applied for a bank charter with US regulators in early April. The move was made to ensure it can offer conventional banking services and products to clients.

The DFS had previously approved a BitLicense to the institutional-level cryptocurrency trading platform Tagomi Trading that enabled it to supply order execution and trade routing services for non-security digital currencies, including bitcoin, bitcoin cash, ethereum, and litecoin.

Bloomberg also recently reported that the ICE was thinking of procuring a New York BitLicence to introduce its bitcoin futures. The news outlet cited an anonymous familiar with the situation in its report.

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