The famous stock and cryptocurrency investing app, Robinhood has officially launched BTC, ETH, and other digital assets trading in New York.
It is to be noted that Robinhood, which is based out of Silicon Valley, received a BitLicense from the New York Department of Financial Services in January 2019. The stock and cryptocurrency investing app granted access to cryptocurrency trading in the Empire State, on Thursday.
The press release mentioned that presently, one can invest in 7 digital assets and cryptocurrencies on Robinhood Crypto. These virtual currencies include Bitcoin Cash, Bitcoin, Ethereum Classic, Bitcoin SV, Ethereum, Dogecoin, and Litecoin. In addition, one can track price movements and news for those and ten additional digital assets.
New York is distinctive and challenging for cryptocurrency and digital asset traders because all purveyors need to apply for a BitLicense. As per NYDFS, it is most essential for companies that are holding, storing, or maintaining custody or control of digital asset on behalf of others.
Notably, a lot of cryptocurrencies and digital asset startups have avoided the necessities completely by becoming BitLicense refugees and refusing to do business in the state.
When asked about the controversial license at CoinDesk’s Consensus conference in New York, ShapeShift CEO Erik Voorhees complained in 2018 that they are 2 miles from the Statue of Liberty and they cannot sell CryptoKitties in the state without that license. He pointed out at the absurdity of the situation there.