New York grants BitLicenses to Robinhood and LibertyX

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Robinhood and LibertyX received some great news this week. The New York State Department of Financial Services (DFS) has announced that both companies will be receiving BitLicenses. The BitLicense is specific to New York State, and any company that receives one can handle cryptocurrencies within New York, so long as they stay within regulations.

Robinhood operates a mobile app that allows users to buy and sell shares in publicly traded companies, as well as cryptocurrencies since January 2018.

Now that they have a BitLicense, the announcement states users in New York will be able to buy and sell Bitcoin Core (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). Although Robinhood’s site lists Bitcoin SV (BSV), the only digital currency to scale massively on chain, as a trading pair available on their platform, it appears it will not be available immediately in New York based on the announcement.

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Co-Founder and Co-CEO of Robinhood Vlad Tenev is quoted in the announcement, saying:

“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. 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.”

LibertyX is a developer of a BTC exchange platform, available at ATMs and various stores. Their BitLicense will mean New Yorkers will be able to buy BTC at potentially thousands of new brick and mortar locations throughout the state.

Co-Founder & Chairman of LibertyX Kyle Powers said, “LibertyX loves New York bitcoiners. We are excited to bring them an instant way to buy Bitcoin at a nearby location.”

Superintendent Maria T. Vullo of the DFS said in the announcement, “Today’s approvals add to the growing list of responsible virtual currency providers who recognize and appreciate how a comprehensive regulatory framework fosters a competitive marketplace that benefits both consumers and industry.”

These are two companies working on increasing the availability and adoption of cryptocurrency, and specially with Robinhood now offering cryptos in New York, it’s a matter of time before millions more will have another easy way to buy BSV.