California-based stock brokerage firm, Robinhood has officially announced the launch of its zero-fee cryptocurrency trading app for New Yorkers. The news was shared by Robinhood on May 23.
The news shared, comes exactly four months after Robinhood received a BitLicense and money transmitter license from the New York Department of Financial Services in January 2019.
By receiving the license, Robinhood now allows residents of New York to purchase seven major cryptocurrencies with zero-commission fee using the platform’s trading app.
In the blog post, Robinhood highlighted –
“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.”
Furthermore, Robinhood also shared a list of states Robinhood Crypto is available in – the number totaling to 39 U.S. states.
Earlier in March, Robinhood acquired MarketSnacks, making it the platform’s first such major acquisition. Soon after the acquisition, the “digestive” financial newsletter was rebranded to Robinhood Snacks.
In April, Robinhood had applied for a bank charter with the U.S. regulators for offering traditional banking products and services. The charter, if accepted, would allow Robinhood to operate a full-service bank alongside its trading business. The bank, if launched, will reportedly be a subsidiary of Robinhood Markets Inc.