The Robinhood financial company, which lets users invest in public companies and ETFs through a smartphone application, has announced that it’s crypto trading service is now available in New York, after having acquired the BitLicense required to operate in New York in January 2019. However, as it always has been, the Ripple (XRP) is not available to customers.
The official announcement reads,
Today, Robinhood Crypto received a virtual currency license, also known as the BitLicense, and a money transmitter license in New York. This will allow New Yorkers to invest in cryptocurrencies on the Robinhood platform, and marks another important step towards our mission of democratizing the financial system.
The firm sent an email to its users this morning informing them of the launch. Currently, Robinhood offers Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. Investors will have to look elsewhere to trade XRP.
Robinhood first announced that it would foray into cryptocurrencies in January 2018. A staggering 1 million signed up in just 5 days. Some have wondered if Robinhood would play an important role in mainstream adoption.