Investing App Robinhood Launches Trading for 7 Cryptocurrencies in NY

https://blog.robinhood.com

Stock and crypto investing app Robinhood has officially introduced bitcoin, ethereum, and other crypto trading in New York.

The Silicon Valley-based company received a BitLicense from the New York Department of Financial Services (NYDFS) earlier this year. On May 23, it enabled access to cryptocurrency trading in the Empire State.

Robinhood announced the news through a 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.”

According to NYDFS, companies that are “storing, holding, or maintaining custody or control of virtual currency on behalf of others” must apply for a BitLicense in order to engage in business in New York.

Several cryptocurrency startups have circumvented the requirements totally by becoming BitLicense refugees and opting not to operate 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 ranted last year when asked about the license at a conference in New York.