Robinhood Zero-Fee Trading App Officially Launches in New York
Robinhood Crypto officially launched its commission-free trading in New York after acquiring a BitLicense in January 2019.
Following the acquisition of a BitLicense by the New York State Department of Financial Services (DFS) in January 2019, Robinhood now allows New York citizens to trade in seven major cryptos with no commission fee using its Robinhood Crypto platform.
The Robinhood trading app allows for the trading of bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), bitcoin SV (BSV), ethereum classic (ETC) and dogecoin (DOGE). Robinhood users can also track price alterations and updates for those cryptos and 10 additional coins, the blog post notes.
Earlier in April, Robinhood applied for a bank charter with regulators in the U.S. in order to offer traditional banking products and services.
Previously, the DFS granted a BitLicense to a institutional-grade crypto trading platform Tagomi Trading, enabling the company to offer trade routing and order execution services for non-security cryptos including bitcoin, ethereum, litecoin and bitcoin cash.
Recently, on April 18, Bloomberg reported that the ICE was considering acquiring a New York BitLicense to launch bitcoin futures, citing anonymous sources familiar with the matter.