The Big Apple (city of New York) has finally confirmed Robinhood and gave it approval to work in the virtual currencies in New York. The approval spread everywhere in the latest digital currency news, where Robinhood was one of the two (along with LibertyX) companies that received approval.
As a stock trading app that lets you buy Bitcoin with it, Robinhood has created a lot of controversies earlier, especially when they released interest-bearing bank accounts that are not protected by the Securities Investor Protection Corporation.
However, the app is now planning to expand the company’s affiliation with cryptocurrencies for New Yorkers and the feature is not entirely new for most Robinhood users.
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However, it’s a fact that the company waited for this NYDFS approval in order to officially offer its crypto services to New Yorkers.
Currently, New York has approved seven cryptocurrencies on Robinhood, including the names of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. According to the CEO of Robinhood, Vlad Tenev:
“The NYDFS has been very helpful throughout this process, and we look forward to their ongoing guidance as we prepare to launch Robinhood Crypto in New York.”
Aside from Robinhood, LibertyX also got approved as a way to buy Bitcoin with debit cards and a network that allows retailers to accept cash and credit card transactions in exchange for Bitcoin.
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