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Robinhood Opens Trading for 7 Cryptocurrencies in New York
Five months after receiving a BitLicense, Robinhood is now offering ethereum and bitcoin trading in New York State.
Robinhood
, the popular stock and crypto investing app, has officially launched bitcoin, ethereum, and other cryptocurrency trading in New York.
STORY CONTINUES BELOW
Silicon Valley-based Robinhood received a BitLicense from the New York Department of Financial Services (NYDFS) in January 2019 and on Thursday opened access to crypto trading in the Empire State.
From the press release:
Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.
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," according to NYDFS.
Many crypto startups have avoided the requirements entirely by becoming BitLicense refugees and refusing to do business in the state.
"Here we are two miles from the Statue of Liberty and you cannot sell CryptoKitties in the state without that license. That’s the absurdity of what’s happened here,” ShapeShift CEO Erik Voorhees complained in 2018 when asked about the controversial license at CoinDesk's Consensus conference in New York.
Image courtesy of Robinhood
John Biggs
John Biggs is an entrepreneur, consultant, writer, and maker. He spent fifteen years as an editor for Gizmodo, CrunchGear, and TechCrunch and has a deep background in hardware startups, 3D printing, and blockchain. His work has appeared in Men’s Health, Wired, and the New York Times. He runs the Technotopia podcast about a better future.
He has written five books including the best book on blogging, Bloggers Boot Camp, and a book about the most expensive timepiece ever made, Marie Antoinette’s Watch. He lives in Brooklyn, New York.
