Robinhood announced last week Robinhood Crypto received a virtual currency license, also known as the BitLicense, and a money transmitter license in the state of New York. According to Robinhood, the new licenses will allow New Yorkers to invest in cryptocurrencies on the Robinhood platform.
Robinhood revealed that with Robinhood Crypto, users can invest in seven cryptocurrencies including Bitcoin and Ethereum, commission-free. Robinhood Crypto is now available in Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Indiana, Illinois, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming. Speaking about the licenses and future plans, the Robinhood team stated:
“As we introduce new financial products, we’re committed to partnering with regulators to ensure compliance with industry requirements. Today’s announcement is evidence of this commitment. We’re excited to bring commission-free cryptocurrency trading to New York, and look forward to coming to more states soon.”
Robinhood added that Robinhood Crypto will roll out in New York over the coming months.