Recently, Robinhood, an American financial services firm based out of California made the announcement that it has launched its Robinhood Crypto in Rhode Island. It also stated that big cryptocurrencies such as Bitcoin [BTC] and Ethereum [ETH] can now be traded on the platform for Rhode Island, free of commission. On its official Twitter handle, Robinhood wrote:
“Robinhood Crypto has anchored in Rhode Island. Trade Bitcoin, Litecoin, Ethereum, and other cryptocurrencies commission free.”
Earlier this month, the CEO of Robinhood, Baiju Bhatt spoke about the platform at TechCrunch Disrupt SF. Here, he revealed that the company is soon to go public and is considering an IPO to execute the plan. Furthermore, Robinhood is also in search of a Chief Financial Officer and is undergoing several audits by the Securities and Exchange Commission [SEC] and Financial Industry Regulatory Authority [FINRA], the two regulatory bodies in the US.
Apart from cryptocurrencies, Robinhood also provides services in stocks trading, customer tracking, ETFs and more and is currently one of the fast-growing startups of Silicon Valley.
However, the exchange also has competition in the cryptocurrency space with startups like Coinbase gaining more and more popularity and funding from the investors. On Tuesday, the news of Coinbase fetching an investment of $500 million from Tiger Global broke out.
The total investments attracted by the company is reported to be $539 million from big investors, some of them being Andreessen Horowitz, Kleiner Perkins, Google’s Capital G and Sequoia.
Recently, the platform fell onto the controversial side of the crypto-space when it was alleged to have sold personal user data for capitalization. In a later statement, Robinhood clarified that it never has, does not and never will sell customer data following the policies of customer security and privacy.
Currently, Robinhood Crypto is available in Alaska, Arizona, California, Colorado, Florida, Georgia, Indiana, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, Oklahoma, Pennsylvania, Rhode Island, Texas, Utah, Virginia, and Wisconsin.
Surreal, a Twitter user and blockchain space enthusiast wrote:
“When will Texas be added to the list.” – Surreal
On this, the exchange replied and stated that the people living in Texas may invest as the state is already on the list. The reply read:
“Texas is on the list! Feel free to invest in crypto on Robinhood if you live in the Lone Star State.”
David Sawyers, an entrepreneur and cryptocurrency space enthusiast also wrote and talked about XRP’s addition on Robinhood. He said:
“You guys are spreading out pretty fast. Just get XRP on your list and millions will come.”