Cryptocurrency Firm Robinhood Awarded a Trading License in New York

It was on Thursday that New York approved cryptocurrency start up Robinhood to trade in seven cryptocurrencies.

The commission-free company will be able to trade bitcoin, ether, bitcoin cash, litecoin, and others on its online platform.

It has been almost a year since the California-based company said it plans to launch the commission-free cryptocurrency trading platform.

So far Robinhood Crypto is available in over 30 states and it expects customers to be able to buy, sell, and store cryptocurrencies in New York in the coming months.

The nearly $6 billion company was also awarded a money transmission license from the New York State Department of Financial Services (DFS). Robinhood was awarded one of 16 licenses that the DFS has so far given in the virtual currency marketplace.

The DFS said, “DFS continues to rapidly and responsibly respond to financial services market innovations by licensing technology-based money transmitters under New York’s money transmitter law; online lenders under New York’s banking law; and virtual currency exchanges under New York’s financial services law. To date, DFS has approved sixteen charters or licenses for companies in the virtual currency marketplace.”

Robinhood co-CEO Vlad Tenev stated, “The NYDFS has been very helpful throughout this process, and we look forward to their ongoing guidance as we prepare to launch Robinhood Crypto in New York.”