Robinhood now offers trading services for seven cryptocurrencies to the residents of New York, the startup announced in a blog post.
The stock and crypto trading app has not been accessible to residents of the Empire State before thanks to the stringent albeit controversial BitLicense requirement set by the state financial regulator.
However, New Yorkers can now trade Bitcoin (BTC), Bitcoin cash (BCH), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin SV (BSV), and Dogecoin (DOGE).
Robinhood is able to roll out this service because the New York Department of Financial Services (NYDFS) approved its application for the BitLicense in January this year.
New York introduced the BitLicense requirement in 2015 and has demanded that all companies seeing to offer financial and virtual currency services must get approval first. Since its introduction, the NYDFS has issued the license to companies like Circle, Coinbase, BitPay and bitFlyer among others.
However, the regulator has also rejected an application by crypto exchange Bittrex saying that the exchange does not have mechanisms in place to comply with Know-Your-Customer (KYC) as well as Anti Money Laundering (AML) requirements.
Robinhood, which also has a money transmitter license from NYDFS, said in its blog post that crypto investors will also use the app to track token price movements 10 digital assets. Users are also set to benefit from a news feed feature that will help understand market trends and sentiment.
The startup’s VP of Product Josh Elman has said that the Menlo-Park based platform “introduced millions of people to equity investing,” and that launching in New York is another step towards doing the same for crypto traders.
Robinhood launched its zero-commission crypto trading services in January 2018 and has quickly become popular. The firm is valued at $5.6 billion, a figure based on its last funding round.