American stock and crypto investing app Robinhood has officially released its cryptocurrency trading app in New York. Based in Silicon Valley, Robinhood had recently received a BitLicense from the New York Department of Financial Services (NYDFS) in January 2019 and now it enables users in New York to trade in 7 major cryptos with zero-fee using its Robinhood Crypto platform. After the announcement of crypto trading in New York, the Robinhood Crypto service is available in 39 states in the United States, including California, Washington, and Florida, among others.
As per the reports, the Robinhood trading app allows for the trading of cryptocurrencies that include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin SV (BSV), Ethereum Classic (ETC) and Dogecoin (DOGE). Moreover, the users of Robinhood can also track price alterations and updates for those cryptos and 10 additional coins. According to NYDFS, New York is unique and problematic for crypto traders because all purveyors must apply for a BitLicense, most notably for companies that are “storing, holding, or maintaining custody or control of virtual currency on behalf of others.”
In April this year, Robinhood applied for a bank charter with regulators in the U.S. to provide legacy banking products and services. The Department of Financial Services had earlier granted to Tagomi Trading, an institutional-grade crypto trading platform, to provide trade routing and order execution services for non-security cryptos like Bitcoin, Ethereum, Litecoin and Bitcoin Cash.