New York has given a license and approval to Robinhood exchange to trade in seven cryptocurrencies in the State of New York. The currencies include Bitcoin, Ethereum, Bitcoin Cash and Litecoin. The state’s Department of Financial Services (NYDFS) also gave the green light for a money transmission licence.
Robinhood is an online brokerage platform that allows retail investors to trade U.S. stocks and exchange traded funds without paying any commission. It competes with established brokerage houses such as TD Ameritrade and E*Trade Financial Corp.
In a statement, the NYDFS said it “continues to advance responsible innovation in New York’s fintech industry”. The regulators have so far approved 16 BitLicenses (a business licence that allows holders to handle cryptocurrencies under the regulatory guidelines set by the state) for companies in the digital currency marketplace.
New Robinhood License Means Big Growth
Robinhood is available in over 30 states and will roll out over New York over the next few months. Vlad Tenev, Robinhood’s co-CEO, said the new licences “will complement the larger suite of investment services that New Yorkers already have access to on the Robinhood platform.”
The company let its customers know on their blog, saying that this “marks another important step towards our mission of democratizing the financial system”.
BitLicence Approved For LibertyX
LibertyX, which launched their first Bitcoin ATM in 2014, notes on their website that they have thousands of locations including debit kiosks and traditional ATMs that allow their customers to purchase Bitcoin.
Co-founder and CEO of LibertyX, Chris Yim, said: “After an extensive review process, we are delighted to receive the blessing of NYDFS and offer the first debit card Bitcoin purchasing options to New York State residents”.
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