Robinhood BitLicense holder announces the expansion in U.S

November 01, 2019

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U.S-based stock and crypto investing app, Robinhood BitLicense holder, is on an expansion spree. According to its latest announcement, the platform is all set to expand its crypto-trading services to the U.S states of Delaware, Kentucky, Louisiana, Maine, Maryland, Minnesota, Nebraska, and Vermont.

The company was in the news yesterday after it announced the recruitment of Sina Nader as the new Head of its crypto-business in the country. Nader will be overseeing the custody system which is a core part of Robinhood BitLicense holder Crypto.

The investment app provider’s cryptocurrency unit, dubbed Robinhood Crypto, Robinhood BitLicense holder, will now be available in 46 states and Washington D.C as well. Additionally, Robinhood already holds a BitLicense granted by the New York State Department of Financial Services [NYDFS] and has been offering crypto-trading services in the state of New York from January this year.

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The official press release said,

“As Robinhood Crypto continues to grow and serve more people, the safety of your coins and the overall business remains a top priority. Our custody system uses state-of-the-art cryptographic controls to provide a high level of security. Our cold storage, where we hold the majority of your coins, is built with systems that are entirely disconnected from the internet. This gives our custody system an additional layer of protection against breaches.”

Back in August, Robinhood had received the go-ahead from the UK Financial Conduct Authority [FCA] to operate as a broker. This development was touted as a critical step for the platform towards its goal of “democratizing finance” for all.

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Robinhood, which launched last year, initially gained traction because of its commission-free crypto-trading feature. The company lets users buy and sell eight coins including Bitcoin, Ethereum, and Litecoin. In addition to that, Robinhood Crypto also enables users to track real-time market data for those and ten additional coins. In a Series E funding round earlier this year, Robinhood had secured $323 million.