Cryptocurrencies, Robinhood obtains trading license. Robinhood expands its reach with new licenses.
The New York administrative authority last Thursday gave the go-ahead for the startup Robinhood in order to carry out commission-free online trading services in seven cryptocurrencies, including Bitcoin, Ether, Bitcoin Cash and Litecoin, on its online platform.
The Californian firm of Menlo Park had announced its plans for the launch of commission-free cryptocurrency trading services almost a year ago, in response to growing customer demand. Recall that Robinhood Crypto is already available in more than 30 US states, and will allow customers to buy, sell and store cryptocurrencies also in New York in the coming months.
It is not clear whether the company intends to expand its services or not outside the United States: its online brokerage platform allows retail investors to trade US stocks and exchange traded funds without paying commissions, entering into direct competition with established brokerage firms such as TD Ameritrade and E * Trade Financial Corp.
The company is now valued at $ 5,6 billion, and in December launched bank accounts and savings accounts in the United States, which came with a debit card and no minimum balance.