Robinhood Raises $363mln in investment, Coinbase Competitor

Robinhood is expanding its reach in the United States. Today, the popular stock and crypto investing app announced that New Yorkers can now use Robinhood to buy crypto. 

Robinhood is a financial services company that allows trading of traditional stocks via their easy-to-use trading app. The company started the support for purchasing digital assets in February 2018.

While the company initially only launched in 5 U.S states, as of today, the Robinhood Crypto service is already available in 39 states, including California, Washington, Texas and now New York. With many additions, Robinhood has been expanding its user base across the country.

In the official press release Robinhood stated:

“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.”

Vlad Tenev, Co-Founder and Co-CEO of Robinhood, said about the news:

“We’re delighted that Robinhood Crypto has been granted a virtual currency license and a money transmitter license in New York. This will complement the larger suite of investment services that New Yorkers already have access to on the Robinhood platform…”

Robinhood received a BitLicense from the New York Department of Financial Services (NYDFS) in January 2019. Now, 4 months later, the company finally gave New Yorkers access to crypto trading via its app.

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